TLT is in the running for Litigation and Dispute Resolution Team of the Year at the British Legal Awards 2018.
The nomination celebrates the firm's role in a high profile £1.145bn debt recovery action for 13 Indian banks against Indian businessman, Dr. Vijay Mallya and associated companies.
In a legal first – and against a backdrop of a number of wilful defaulters from India taking up residence in the UK and the Indian authorities and banks seeking to recover the funds due from them – TLT successfully registered a judgment from the Indian Debt Recovery Tribunal in England & Wales and secured a worldwide freezing order enabling the banks to enforce the debt recovery judgment here.
TLT also successfully defeated Dr. Vijay Mallya's subsequent applications to have the registration set aside and the freezing order discharged, and the firm is continuing to act for the banks to enforce the judgment against Dr. Vijay Mallya's assets in the UK.
The team demonstrated exceptional legal knowledge and case handling on behalf of the 13 Indian banks. This was a high profile and complex case with multiple stakeholders, a high volume of work and the need to understand Indian law and court procedures, all within tight timescales.
As well as applying the law to the unique circumstances of this case, the team was required to anticipate the actions of various parties involved in the registration and the application to have the registration set aside, and to monitor concurrent civil and criminal matters involving the defendant both in the UK and in India.
In winning the case, TLT has created the first precedent for future similar cases seeking to register an Indian debt recovery judgment in England & Wales and has supported the wider, continuing efforts of the Indian authorities and banks to tackle wilful defaulters.
The awards, run by Legal Week, recognise the leading law firms, teams and individuals in the UK. The winners will be announced at an awards ceremony in London on 29 November.