Indian Banks Back In UK Court To Pursue Vijay Mallya Bankruptcy Order

At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs, both sides presented closing arguments in the case being heard following an amendment to a bankruptcy petition filed last year.

A consortium of Indian banks led by the State Bank of India (SBI) was back for a High Court hearing in London on Friday in pursuit of a bankruptcy order against embattled liquor tycoon Vijay Mallya, as they attempt recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs, both sides presented closing arguments in the case being heard following an amendment to a bankruptcy petition filed last year. While the Indian banks argue a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman counter that the funds in question involved public money held by state-owned banks in India, which precludes them from such a security waiver. They also point to ongoing interest rate legal challenges in India that impact upon the applicability of a UK bankruptcy order.