Both businessmen have been declared fugitive economic offenders by courts

Court decisions in some crucial cases, including the one against fugitive businessman Vijay Mallya, are expected to be announced next month.

The appeal hearing in the extradition case against Mr. Mallya is scheduled to come up in the U.K. High Court on February 11. The proceedings will be concluded in about three days, after which the High Court may announce its verdict on India’s request for his extradition in connection with the wilful bank loan default case, said an official.

Recovery of dues

In India, several banks have approached the court seeking recovery of their dues from the assets attached by the Enforcement Directorate in the money laundering case against Mr. Mallya. A decision on the issue is also expected in February. The businessman has already been declared a fugitive economic offender by a special court.

Businessman Nirav Modi, is in judicial custody in the United Kingdom and extradition proceedings against him are under way. He has also been declared a fugitive economic offender in the Punjab National Bank fraud case.

A special court in Mumbai has heard arguments on confiscation of his assets under the Fugitive Economic Offenders Act. The ED is expecting the judgment next month, following which an order for disposal of the properties may also been issued.

The agency has attached and seized assets worth thousands of crores in India and abroad in the cases against Mr. Nirav Modi and his uncle Mehul Choksi, who is facing extradition proceedings in Antigua.