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Indian Banks To Recover Debts; Vijay Mallya Declared Bankrupt

A British court awarded Vijay Mallya a bankruptcy judgement on Monday, clearing the way for a consortium of Indian banks led by the State Bank of India (SBI) to seek recovery of debt owed by the now-defunct Kingfisher Airlines through a worldwide freezing order.

“As at 15.42 [UK time], I adjudicate Dr Mallya bankrupt,” Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the High Court here.

The Indian banks had pushed for the bankruptcy order to be issued in their favour, represented by the legal firm TLT LLP and barrister Marcia Shekerdemian. Extradition Case of Vijay Mallya: London High Court Declares Fugitive Businessman Vijay Mallya Bankrupt.

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