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UK London High Court issues bankruptcy order against Indian businessman Vijay Mallya

UK London High Court issues bankruptcy order against Indian businessman Vijay Mallya
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UK London High Court issues bankruptcy order against Indian businessman Vijay Mallya

UK London High Court issues bankruptcy order against Indian businessman Vijay Mallya

Britain’s London High Court on Monday declared Indian businessman Vijay Mallya bankrupt. Indian banks will now be able to recover their money from Vijay Mallya after being declared bankrupt. Several banks, led by the State Bank of India, filed a petition against Vijay Mallya in a London court.

of London hearing the petition of State Bank of India Chief Insolvency and Companies Court (ICC) Judge Michael Briggs declared Indian businessman Vijay Mallya bankrupt. The hearing took place in a virtual way. Law firm TLT LLP and barrister Marcia Schekerdamian, appearing for State Bank of India in a London court, appealed to the court to give a ruling in favor of the banks.

On the other hand, Indian businessman Vijay Mallya’s lawyer Philip Marshall demanded a stay of this order. Vijay Mallya’s counsel said that the order should be stayed till the legal challenges continue in the Indian courts. But the court rejected this demand. This decision of the UK court will help Indian banks recover loans and also confiscate Vijay Mallya’s assets.

Bank of Baroda, Corporation Bank, Federal Bank Limited, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank, Bank of Baroda, Corporation Bank, Federal Bank Ltd. of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Company Pvt Ltd.

Let us tell you that Vijay Mallya fled from India to Britain in 2016. Vijay Mallya is accused of taking a loan of about Rs 9000 crore from Indian banks for his airline company and went abroad without repaying it. CBI and ED are also investigating against Vijay Mallya in the case of bank fraud of Rs 9000 crores.

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