New Delhi: Fugitive Entrepreneur Vijay Mallya was declared bankrupt by the British court on Monday, opening the way for the Consortium of Indian banks led by Bank Negara India (SBI) to pursue clotting orders around the world to find debt payments owed by Kingfisher Airlines Now it’s dead.
“At 3:42 a.m.
[English time], I tried Dr.
Mallya went bankrupt,” said Bankruptcy and Court of Justice (ICC) Judge Michael Briggs said in his decision during the Virtual Hearing of the Koksi Division of the High Court in London, the PTI news agency reported.
The 65-year-old businessman remained in the British guarantee while the legal issue of “confidential”, was believed to be related to the application of asylum, completed in connection with an unrelated extradition process.
Mallya, who fled to England, was examined by the Directorate of Enforcement (ED) and the Central Investigation Bureau (CBI) in connection with the alleged RS 9,000 Fraud Bank Crore related to the Kingfisher Airlines operation which is now dead in India.
The liquor has lost his case against extradition to India and when he was rejected permission to appeal at the British Supreme Court, his extradition to India has become the final, said Ed before.
The applicant consists of a SBI LED consortium of 13 Indian banks, including Bank of Baroda, Bank Corporation, Federal Bank Ltd, IDBI Bank, Indian Foreign Bank, Bank Guide & Kashmir, Bank Punjab, Bank State of MySore, UCO Bank, United Bank of India and JM Finance Assets Reconstruction Pvt Ltd and additional creditors.
Together, they have pursued bankruptcy order in the UK in connection with the assessment debt that stands on GBP 1 billion.
Mallya’s legal team believes that the debt remains debated and that the ongoing process in India has hampered the bankruptcy command made in the UK.
Debt in question consists of principal and interest, plus a compound interest rate of 11.5 percent per year from June 25, 2013.
Malla has made applications in India to oppose compound interest costs.
(With input from PTI)
Vijay Mallya declared bankrupt by the British court
