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UK Court Declares Fugitive Businessman Vijay Mallya Bankrupt, paves the way for Indian Banks to Recover Their Money

WebdeskJul 27, 2021, 08:16 AM IST

UK Court Declares Fugitive Businessman Vijay Mallya Bankrupt, paves the way for Indian Banks to Recover Their Money

In a big legal victory for the consortium of Indian banks led by the State Bank of India, Chief Insolvencies and Companies Court in London declared Vijay Mallya bankrupt, thus paving the way for banks to recover their money.

 

On Monday (July 26), a British court, the Chief Insolvencies and Companies Court, declared fugitive Indian businessman Vijay Mallya bankrupt, paving the way for a consortium of Indian banks led by the public lender State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of the debt owed by the now-defunct Kingfisher Airlines.

 

The Indian banks, represented by law firm TLT LLP and barrister Marcia Shekerdemian, had argued for Mallya to be declared bankrupt.

 

The debt in question comprises the principal amount owed by the defunct airline Kingfisher and interest amount, plus compound interest at 11.5 per cent per annum from June 25, 2013, onwards.

 

Mallya escaped to London in March 2016 after being pursued by the banks to pay the debt.

 

He was declared a fugitive economic offender in January 2019.

 

In May last year, he lost all appeals against his extradition to India. But, he is exploiting loopholes in the legal system to prolong his stay in London.

 

 

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