Indian banks win U.K. bankruptcy appeal in Vijay Mallya case

Indian banks win appeal in London court to uphold bankruptcy order against Vijay Mallya over Kingfisher Airlines debt.

A consortium of Indian banks, led by State Bank of India, on Wednesday (April 9, 2025) won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines.

High Court judge Anthony Mann ruled in favour of the banks to allow an appeal heard in February, while refusing two applications seeking permission to appeal filed by the 69-year-old businessman, declared a fugitive and wanted for fraud and money laundering charges in India.

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“The banks’ pleaded position on security was one which they were entitled to adopt,” Justice Mann ruled.

“The bottom line in relation to this is that the bankruptcy order stands,” he concludes.

Law firm TLT LLP, representing the banks, noted that the ruling confirmed the banks did not hold security over Mr. Mallya’s assets and that the bankruptcy petition was correct. The court also found that the realisations from assets attached by the Enforcement Directorate (ED) were conditional and did not discharge the debt under English law.

“This is a significant result for the banks. TLT are pleased to have delivered this outcome, having acted for the banks since 2017 in relation to the DRT (Debt Recovery Tribunal) judgment of GBP 1.12 billion, obtained against Dr Mallya,” said Nick Curling, legal director at TLT LLP.