Vijay Mallya pursues attempts to overturn bankruptcy order in UK court
Embattled businessman Vijay Mallya, who has been based in Britain for more than five years, is pursuing appeals in UK courts to try to overturn a bankruptcy order imposed on him by the High Court from London in July last year.
At a case management hearing at the Chancery Division of the High Court in London on Monday, Judge Tom Leech ruled that a series of interrelated hearings in the case would be heard together.
The case, which involves a consortium of Indian banks led by the State Bank of India (SBI) seeking repayment of an estimated debt of around £1.05billion owed by defunct Kingfisher Airlines, is now expected to go ahead. appear in court next year.
The 66-year-old businessman, separately wanted in India for fraud and money laundering, remains free on bail in the UK while a confidential legal case suspected of being linked to an asylum claim is resolved under the unrelated extradition process.
Meanwhile, his lawyers argued that Indian banks were pursuing the same debt against him in India and the UK.
This week the court was told that the bankruptcy proceedings damaged Mallya’s reputation and failed to take into account assets already seized in India. In addition to appealing Mallya’s bankruptcy order and appealing the petition amendment, the banks have in turn appealed parts of a May 2020 order regarding collateral held over some of Mallya’s assets. business man.
Indian banks, represented by law firm TLT LLP and lawyer Marcia Shekerdemian, include State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.
Hearings in the case date back to May 2018, when the banks obtained a Global Freezing Order (WFO) based on a judgment from the Bangalore Debt Recovery Court. Since then, there have been a series of hearings in the case which led to a bankruptcy order against Mallya on July 26 last year.
Appeals against this order and related issues are still pending and are now expected to be heard in the coming months.
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