UK court declares Mallya as bankrupt |
The High Court of London on 26th July declared fugitive Indian businessman Vijay Mallya bankrupt in what is seen as a major victory for Indian banks. This will clear the way for a group of Indian banks led by the State Bank of India (SBI) to seek a worldwide freezing order to seize Vijay Mallya`s Indian assets in order to recover debt owed by his now-defunct Kingfisher Airlines. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs in a virtual hearing adjudicated Mallya as bankrupt. The Indian banks had argued for the bankruptcy order to be granted in favour of the Indian banks. Mallya reportedly attempted to appeal the High Court decision but was denied permission to do so. Vijay Mallya remains in the UK on bail pending the resolution of a `secret` court matter, believed to be related to an asylum application, in connection with unrelated extradition proceedings.
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