Mumbai: India’s largest lender State Bank of India (SBI) has written to UK home secretary Priti Patel’s workplace, difficult Vijay Mallya’s asylum plea, stated three individuals within the know.

The letter, written on behalf of the consortium of lenders led by SBI, and dispatched earlier this month, urged the British authorities to expedite the fugitive businessman’s extradition proceedings as this was key to recovering dues from him, stated one of many individuals.

The missive is being seen as a part of a collective effort by Indian banks, investigative businesses and different entities to put stress on the UK authorities to hasten Mallya’s return to India.

“A letter was dispatched recently, urging the UK home office to expedite Mallya’s deportation since his return is crucial to recovering the money owed to banks,” stated an official within the know. “This is part of the ongoing efforts to get Mallya declared bankrupt, as well as other actions that our agencies have taken.”

To a question, a SBI spokesperson stated, “It is the policy of the bank not to comment on an individual account and its treatment.”

Indian Banks Working with UK Authorities

Mallya has maintained that Indian banks have repeatedly rebuffed his affords to “pay in full”. So far, banks have recovered almost Rs 2,500 crore by promoting shares and properties pledged by Mallya. Lenders have claimed that the beleaguered businessman owes them a complete of Rs 9,000 crore, together with curiosity and principal. Other banks within the consortium embody Punjab National Bank, Bank of Baroda and IDBI Bank. Mallya didn’t remark. In April, the London High Court deferred listening to on a plea by the consortium of Indian lenders in search of that Mallya be declared bankrupt. Banks are attempting to recuperate a mortgage of round £1.145 billion (almost Rs 10,500 crore) from Mallya. They additionally need to be declared ‘secured lenders’ within the UK — a key step towards recovering cash from the businessman’s abroad property. Top officers stated Indian banks are working carefully with the UK authorities to recuperate as a lot as they will out of Mallya’s property. “The banks’ move to send a letter to the UK government through the British High Commission is part of the collective efforts to recover dues,” stated a authorized supply. “We cannot say if it is at the behest of the regulators or an effort by the consortium members themselves, as they have been following up with UK regulators and the home office for a long time.” In response to a question from ET, the British High Commission stated: “We do not comment on individual cases and have no further comment in line with longstanding policy.”

TWO REMEDIES

Mallya has solely two attainable authorized cures left with him: One is to search asylum, and the opposite is to strategy the European Court of Human Rights (ECHR). While the ECHR is but to formally obtain an software from Mallya, high attorneys shut to the developments stated that is imminent because the excessive court docket’s current judgment permitting his extradition is in violation of sure human rights that the ECHR protects.