Big Blow To Fugitive Vijay Mallya, UK Court Declares Him ‘Bankrupt’Vijay Mallya outside the UK court hearing his extradition case in September. (Photo by Jack Taylor/Getty Images)

A UK court on Monday declared fugitive Indian businessman Vijay Mallya, the chairman of now defunct Kingfisher Airlines, as "bankrupt".

The UK court order comes as a massive boost for the consortium of banks led by the State Bank of India (SBI) to initiate freezing of assets owned by Mallya's Kingfisher Airlines, both in India and abroad, to repay its debt.

Mallya is wanted in India for Rs 9,000 crore loan defraud.

"As at 15.42 (UK time), I adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court Judge Michael Briggs said during a virtual hearing of the Chancery Division of the London High Court.

The consortium of banks led by SBI had argued for the bankruptcy order to be granted in their favour.

The Indian banks were represented by the law firm TLT LLP and barrister Marcia Shekerdemian.

Mallya is currently out on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is being resolved in connection with the unrelated extradition proceedings.

This news has been published via a Syndicated feed. Only the headline is changed.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement