London, July 26: In a serious setback for Vijay Mallya, the London court docket on Monday declared the fugitive businessman bankrupt. The decision will assist the consortium of Indian banks led by the State Financial institution of India in recovering debt from loans value Rs 9,000 crore by seizing his belongings. Notably, the loans have been sanctioned to Mallya’s now-defunct Kingfisher Airways. Vijay Mallya Extradition Case: UK Court Declares Fugitive Businessman Bankrupt.
In response to experiences, the fugitive businessman will attraction in opposition to the decision. The Indian banks, represented by the legislation agency TLT LLP and barrister Marcia Shekerdemian, had argued for the chapter order to be granted of their favour. In Could this 12 months, the London Excessive Court docket had upheld an software to amend the chapter petition of the banks. Vijay Mallya, Fugitive Businessman, Loses Bankruptcy Petition Amendment High Court Battle in UK; SBI Step Closer To Recover Money From Him.
In the meantime, The 65-year-old businessman stays on bail within the UK whereas a “confidential” authorized matter, believed to be associated to an asylum software, is resolved in reference to the unrelated extradition proceedings. Mallya’s barrister Philip Marshall sought a keep in addition to an adjournment of the order whereas authorized challenges stay ongoing within the Indian courts. Nonetheless, the requests have been turned down by the decide, who concluded that there was “inadequate proof” that the debt will likely be paid again to the petitioners in full inside an affordable time period.
Last year in May, Mallya lost his application seeking leave to appeal in the UK Supreme Court after the London High Court declined to entertain his appeal difficult the extradition order to India. Mallya left India hours earlier than the Indian banks approached the Supreme Court docket in opposition to him. The ED has connected many properties of Mallya in the previous couple of years beneath the Prevention of Cash Laundering Act. Mallya is being investigated by the CBI and the Enforcement Directorate in reference to the mortgage fraud case.
(With inputs from PTI)
(The above story first appeared on LatestLY on Jul 26, 2021 09:42 PM IST. For extra information and updates on politics, world, sports activities, leisure and life-style, go browsing to our web site latestly.com).
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