A judgment in the case is expected in the coming weeks. If the judge makes the interim order final, the funds held in the ICICI London account will have to be released to the banks.The case is part of wider efforts by SBI and 12 other Indian banks Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu Kashmir Bank, Punjab Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd to recover some of the funds owed to them as a result of unpaid loans by Mallya’s now defunct Kingfisher Airlines.In a ruling in May last year, a UK High Court judge had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.TLT LLP has been representing the banks in their efforts to recover their dues as part of the worldwide freezing order, including a bankruptcy petition aimed at seizing his assets to recover dues filed at the end of last year.Mallya, meanwhile, remains on bail after his extradition was ordered by Westminster Magistrates’ Court in London in December last and signed off by UK home secretary Sajid Javid in February.
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