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British High Court declared Mallya bankrupt
British High Court has declared fugitive Vijay Mallya bankrupt. This has paved the way for Indian banks to seize Mallya's assets around the world. Mallya had borrowed more than Rs 9,000 crore in the name of Kingfisher from various banks in India and had fled the country when the Kingfisher sank. He currently resides in London.
The Bank of India team, led by State Bank of India, had filed a petition against Mallya in a British court alleging that Mallya was wanted in a fraud and money laundering case. Mallya is currently out on bail in London and has appealed for asylum there.
The British High Court has declared Mallya bankrupt during a virtual hearing. Judge Michael Briggs ruled that Mallya was unlikely to repay the loan within a certain period of time. Mallya's lawyers said they would go to the apex court against this.
Meanwhile, according to information received from the Enforcement Directorate (ED), under the Anti-Money Laundering Act, the SBI-led lending bank has recovered Rs 792.11 crore by selling 1 per cent stake in Kingfisher Airlines' attached shares. This amount is estimated to be 58% of the sinking amount.
British High Court has declared fugitive Vijay Mallya bankrupt. This has paved the way for Indian banks to seize Mallya's assets around the world. Mallya had borrowed more than Rs 9,000 crore in the name of Kingfisher from various banks in India and had fled the country when the Kingfisher sank. He currently resides in London.
The Bank of India team, led by State Bank of India, had filed a petition against Mallya in a British court alleging that Mallya was wanted in a fraud and money laundering case. Mallya is currently out on bail in London and has appealed for asylum there.
The British High Court has declared Mallya bankrupt during a virtual hearing. Judge Michael Briggs ruled that Mallya was unlikely to repay the loan within a certain period of time. Mallya's lawyers said they would go to the apex court against this.
Meanwhile, according to information received from the Enforcement Directorate (ED), under the Anti-Money Laundering Act, the SBI-led lending bank has recovered Rs 792.11 crore by selling 1 per cent stake in Kingfisher Airlines' attached shares. This amount is estimated to be 58% of the sinking amount.
The Bank of India team, led by State Bank of India, had filed a petition against Mallya in a British court alleging that Mallya was wanted in a fraud and money laundering case. Mallya is currently out on bail in London and has appealed for asylum there.
The British High Court has declared Mallya bankrupt during a virtual hearing. Judge Michael Briggs ruled that Mallya was unlikely to repay the loan within a certain period of time. Mallya's lawyers said they would go to the apex court against this.
Meanwhile, according to information received from the Enforcement Directorate (ED), under the Anti-Money Laundering Act, the SBI-led lending bank has recovered Rs 792.11 crore by selling 1 per cent stake in Kingfisher Airlines' attached shares. This amount is estimated to be 58% of the sinking amount.
