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    Big blow to fugitive businessman Vijay Mallya, London High Court declared bankruptcy!

    Fugitive businessman Vijay Mallya has received a tremendous setback from the London High Court. High Court London High Court declared Vijay Mallya bankrupt. This decision of the court has now opened the way for confiscation of Vijay Mallya’s property.

    High Court declared bankruptcy

    Chief Insolvency and Companies Court (ICC) Judge Michael Briggs said in the hearing held by video conferencing, ‘I declare Dr. Mallya bankrupt.’ Law firm TLT LLP and barrister Marcia Shekerdamian, fighting the case on behalf of Indian banks, had argued for Mallya to be declared bankrupt.

    At the same time, Mallya’s lawyer Philip Marshall demanded the hearing and adjournment of the order. But the judge turned it down. In his order, the judge said, “There is insufficient evidence to show that the loan taken will be fully refunded to the petitioners within a reasonable time.” Mallya’s counsel then sought time to appeal against the bankruptcy order, which was rejected by Judge Briggs as there was no real chance of success of the appeal.

    Indian banks had filed a petition against Vijay Mallya

    13 banks of India formed a consortium and filed a petition in the London High Court against fugitive businessman Vijay Mallya. The consortium includes Bank of Baroda, Corporation Bank, Federal Bank Ltd., IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank, Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Company Private Limited was involved in this.

    Now banks will be able to freeze the properties of Vijay Mallya

    Mallya’s legal team argued in court that the debt remains disputed and that ongoing legal proceedings in India obstruct a bankruptcy order in the UK. But the judge did not accept any of his arguments. With this order of the court, the consortium of Indian banks led by State Bank of India (SBI) has got the right to freeze Vijay Mallya’s properties across the world to recover the loans. The dues of the now defunct Kingfisher Airlines are pending.

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