UK High Court declares Vijay Mallya bankrupt, Indian banks can now recover loans abroad

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London, Monday 26 July 2021

Fugitive Indian businessman Vijay Mallya has been dealt a major blow by the UK High Court on Monday. The High Court has declared Vijay Mallya bankrupt. Vijay Mallya's assets can now be confiscated. At 3:42 pm UK time, Chief Insolvencies and Companies Court Judge Michael Briggs said during a virtual hearing in the High Court - I declare Dr Vijay Mallya bankrupt.

Law firm TLT LLP and Barrister Marcia Shekardemian, representing Bank of India, argued for a bankruptcy order in favor of Indian banks. While a 65-year-old businessman can remain on bail in Britain as long as a "confidential" legal case, which is believed to be related to an asylum application, remains on bail, as is a separate case from extradition proceedings Is not done.

A consortium of Indian banks headed by the State Bank of India made a concerted effort to declare the fugitive businessman bankrupt during a hearing in the London High Court in April.

Vijay Mallya says that the loan on him is public money. Banks cannot declare bankrupt. At the same time, Mallya claimed that bankruptcy petitions from Indian banks were against the law. Because their property cannot be protected in India as it is against the interest of the people in India.

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