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The London High Court has lifted the security cover imposed on Mallya’s property in India. With this, the consortium of SBI-led Indian banks has come closer to recovering debt from Mallya.

  • Vijay Mallya owes 9000 crores rupees from all banks
  • This loan was taken by Mallya for King Fisher Airlines

London court has slammed fugitive businessman Vijay Mallya on Tuesday. Vijay Mallya has lost in the bankruptcy petition case in the High Court here. After this, the State Bank of India (SBI) can be easier to recover money from it now.

Security cover removed

The London High Court has lifted the security cover imposed on Mallya’s assets in India. With this, the consortium of SBI-led Indian banks has come closer to recovering debt from Mallya. With this, the loan given to Mallya’s Kingfisher Airlines, which was closed, will now be able to be recovered by Indian banks by capturing Mallya’s assets in India.

The bank’s consortium tried in April

A consortium led by SBI, during a hearing in the London High Court in April, tried very hard to declare the fugitive businessman bankrupt. Vijay Mallya owes a debt of Rs 9,000 crore to the closed Kingfisher Airlines. Vijay Mallya used to say that the debt that is outstanding on him is the money of the public. In such a situation, the bank cannot declare bankruptcy.

Bankruptcy petition is outside the scope of law

Along with this, Mallya had also claimed that the bankruptcy petition filed on behalf of Indian banks is outside the purview of the law. Because the security of their property in India cannot be imposed because it is against the public interest in India. Michael Briggs, the judge of the Chief Insolvency and Companies Court (ICC) of the London High Court, ruled in favor of Indian banks, saying there was no public policy that would provide security rights to Mallya’s assets.

There may still be a delay in coming to India

Banks may delay the extradition of Vijay Mallya, who fled India, after losing the extradition case in Britain and dismissing his asylum appeal from the UK Home Ministry. Mallya is trying everything so that he does not have to come to India. Law experts say that his chances of winning the case in the UK are slim, but still his maneuver gives him a few more days to live in the UK. Experts say that almost all laws of Mallya’s stay in Britain have been closed.

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