A court in the United Kingdom declared fugitive businessman Vijay Mallya bankrupt on Monday. Now, a consortium of Indian banks, led by the State Bank of India, will be able to seek repayment of a debt owed by Vijay Mallya’s now-defunct Kingfisher Airlines.
‘I adjudicate Dr. Mallya bankrupt as of 15.42 [UK time],’ Chief Insolvencies and Companies Court Judge Michael Briggs said during a virtual hearing of the Chancery Division of the London High Court. It was argued by a consortium of Indian banks that the bankruptcy order should be granted in their favor. Attorney Marcia Shekerdemian and the law firm TLT LLP represented them.
While Vijay Mallya remains on bail in the UK. He is 65 years old. A ‘confidential’ legal matter, possibly related to an asylum application, has yet to be resolved in connection with unrelated extradition proceedings.