Vijay Mallya, the fugitive businessman, has been declared bankrupt by a UK court

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By: Rajat Shaw

Last Update: 2021-07-27 10:34:32 IST

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The ruling would allow a group of Indian banks led by the State Bank of India (SBI) to seek a global freezing order on Mallya’s assets in order to recover debts due by the liquor baron’s now-defunct airline, Kingfisher Airlines.

Vijay Mallya, the fugitive businessman, has been declared bankrupt by a UK court

Vijay Mallya, an Indian businessman, was declared bankrupt by a UK high court on Monday. The ruling would allow a group of Indian banks led by the State Bank of India (SBI) to seek a global freezing order on Mallya’s assets in order to recover debts due by the liquor baron’s now-defunct airline, Kingfisher Airlines.

A group of Indian banks had urged that the bankruptcy order should be given to them. TLT LLP and barrister Marcia Shekerdemian were their legal representatives.

Vijay Mallya’s lawyer, Philip Marshall, requested a stay and delay of the bankruptcy ruling while legal challenges in Indian courts are still pending. However, the judge denied these motions, concluding that there was “insufficient proof” that the debt will be paid in full to the petitioners within a reasonable time frame.

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 are among the 13 Indian banks that make up the SBI-led consortium.

 

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