LI NETWORK
Supreme Court bench of UU Lalit and Vineet Saran, JJ has refused to review the 2017 order by the bench of A.K. Goel and U.U. Lalit, JJ Where Bench found Vijay Mallya guilty of contempt of court in the case filed by a consortium of banks that sought relief from the Court after Vijay Mallya, who owes more than Rs. 9000 crores to the banks, instead of repaying his debts, transferred a huge sum of $40 million to his children.
The Court had in 2017 said that Vijay Mallya is guilty of disobeying the Orders passed by the Supreme Court in not disclosing full particulars of the assets after it was alleged by the banks that said transfer was not only in contempt of the Orders passed by the Karnataka High Court but was also an attempt to subvert the Course of Justice by diverting the funds to shield them from ongoing recovery proceedings.
The High Court of Karnataka had passed an interim order restraining the respondent from transferring, alienating, disposing or creating third party rights in respect of movable as well as immovable properties belonging to them until further. Hence, in the light of the transfer of a huge sum to the children of Vijay Mallya, the Court also held him guilty of violating the express Orders of Restraint passed by the High Court of Karnataka.