In a major victory to a consortium of 13 Indian banks, a London court has issued an order allowing the seizure of beleaguered businessman Vijay Mallya's assets in London. According to news agency PTI, the order permits enforcement officers in the UK to enter his properties in Hertfordshire, near London. Other than that, it also permits the authorities to enter Ladywalk and Bramble Lodge in Tewin, Welwyn, where the former liquor baron is currently based. However, it should be noted that it is not an instruction to enter, indicating that banks have the option to make use of the order to recover funds worth 1.145 billion pounds. 

Quoting the official order by Justice Bryan, dated June 26, the news report indicated that the High Court Enforcement Officer, including other agents, may enter some of his properties mentioned above. "The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya)," read the court order. 

"The High Court Enforcement Officer, including any Enforcement Agent acting under his authority, may use reasonable force to enter the Property if necessary," it added.

"Well, this is a major victory for the banks and kudos to the British judicial system in which such a speedy resolution has taken place. It is an excellent way of settling the matter since he was also interested in settling." He went on to explain that the banks will be able to recover properties which are located in the UK, adding that the development is an indication that there will be a resolution to the entire problem," Senior Supreme Court lawyer KTS Tulsi told ET Now. 

Commenting on the development, another lawyer, Gopal Jain termed it as a big victory, adding that it was a matter of time but that it is happening "sooner than later".  He suggested that it is important because the authorities are ultimately looking for an enforceable order and that is what has come. 

"The swift way in which things move is also a good message that in our proceedings now which India has initiated here and under the new IBC I think we also move swiftly the system moves swiftly I think that is very important because timing is very critical to these things and having enforcible order and finishing proceedings is really important milestone to be achieved clearly when it comes to public money," he told ET Now. 

The development comes a few days after the Narendra Modi-led BJP government planned to declare the beleaguered businessman as a fugitive offender. Soon after, Mallya said that he is more than willing to pay back his dues to the consortium of Indian banks, only if the Enforcement Directorate does not interfere. Slamming Mallya for the comment, an ED official said that the agency has done no such thing and that Mallya is coming up with the offer to get a favourable judgement in the extradition case. 

Mallya had fled the country in March 2, 2016 after defrauding a consortium of 13 banks to the tune of Rs 9,000 crore. He later said that the Indian media had launched a witchhunt against him and that he was wrongly being lamented as the "poster boy" of wilful defaulters.