Vijay Mallya Case Fugitive Businessman Loses Bankruptcy Petition In UK High Court

Fugitive businessman Vijay Mallya has been hit by a UK court on Tuesday. Vijay Mallya has lost in the bankruptcy petition case in the UK High Court. After this, the State Bank of India is just a step away in recovering money from it.

Significantly, a consortium led by the Indian State Bang earlier in April, during a hearing in the London High Court, strongly tried to declare the fugitive businessman bankrupt. Vijay Mallya owes thousands of crores of loans taken for the closed Kingfisher Airlines.

Vijay Mallya used to say that the debt that is outstanding on him is the money of the public. In such a situation, the bank cannot declare bankruptcy. Along with this, Mallya had also claimed that the bankruptcy petition filed on behalf of Indian banks is outside the purview of the law. Because the security of their property in India cannot be imposed because it is against the public interest in India.

In a virtual hearing before Judge Michael Briggs in the Chief Insolvency and Companies Court (ICC), the two sides made their final arguments in the case after amending the insolvency petition filed last year. Apart from SBI, this group of banks includes Bank of Baroda, Corporation Bank, Federal Bank Limited, 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 Company Private Limited. Judge Briggs had said that he would now consider the details and decide on the appropriate time in the coming weeks.

Significantly, Vijay Mallya is accused of willfully not repaying the bank loan of Rs 9,000 crore related to his bankrupt Kingfisher Airlines.