Fugitive Vijay Mallya reaches London High Court in Indian banks, Kigfisher Airlines debt case

London, Saturday 19 December 2020

A group of Indian banks, led by State Bank of India, has again approached the London High Court against fugitive businessman Vijay Mallya in connection with a case involving a loan given to the defunct Kingfisher Airlines and the recovery of its interest.

Michael Briggs, chief justice of the bench hearing the case on company matters, heard the case by video conferencing on Friday, while retired Indian High Court judges from Mallya and a group of banks argued for and against the legal status of both.

Both parties have argued for and against the bankruptcy law against Mallya in Britain, where banks have claimed the right to relinquish their Indian properties in order to recover money from Mallya in the UK. The money is gone.

Speaking on behalf of the banks, Barrister Marcia Schardmia said, "As a business entity, banks have the right to decide on the security they hold. He opposed the arguments put forward by retired Judge Deepak Verma Mallya that the banks Will not be able to accept bankruptcy proceedings under British law by waiving the right.