UK court declares fugitive businessman Vijay Mallya bankrupt
The ruling will allow the State Bank of India-led consortium of Indian banks to recover debts arising out of loans given to Vijay Mallya's now-defunct Kingfisher Airlines.
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FollowA United Kingdom court has declared fugitive businessman Vijay Mallya bankrupt, paving the way for the seizure of his assets.Â
The ruling will allow the State Bank of India-led consortium of Indian banks to recover debts arising out of loans given to Vijay Mallya's now-defunct Kingfisher Airlines.
Mallya is expected to challenge the verdict given by Chief Insolvencies and Companies Court Judge Michael Briggs.
The verdict is a win for a consortium of 13 Indian banks led by SBI. The consortium included Corporation Bank, Bank of Baroda, IDBI Bank, Federal Bank Ltd, Indian Overseas Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.Â
The banks had initiated the proceedings against Mallya in December 2018.
Mallya is under investigation by the Central Bureau of Investigation and Enforcement Directorate in connection with alleged Rs 9000 crore bank fraud.
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