Vijay Mallya, business tycoon of India, declared bankrupt by the United Kingdom (U.K.,) Court. On the 26th of July, the British Court allowed Indian banks and the Government to pursue his assets worldwide.
Soon after the declaration of the U.K., Court, Vijay Mallya took to his official Twitter handle and posted rants against the U.K., Court. He said, “ED attach my assets worth 14K crores at the behest of Govt Banks against a debt of 6.2K crores. They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more. Banks ask the Court to make me Bankrupt as they may have to return money to the ED. Incredible.”
The declaration of the British High Court is said to be a major victory for the Indian banks and Indian Government, which are fighting for his extradition to India and seizing his assets worldwide. The consortium of 13 banks led by the State Bank of India (SBI) can now pursue a worldwide freezing order on Mallya’s assets in a bid to seek the repayment of debts.
Vijay Mallya, the owner of Kingfisher Airlines, had run away from India after defaulting loans over Rs. 9,000 crores from multiple banks in India.
In December 2018, Chief Magistrate Emma Arbuthnot said, Mallya has a series of cases to answer in the Indian courts. With multiple levels of misrepresentations of his financial dealings while heading the now defunct Kingfisher Airlines, Mallya built up a huge debt in India.
Mr. Mallya left India in 2016 and was arrested in 2017 by the Scotland Yard on an extradition warrant. He was later let out after the Court accepted his bail plea.
Now, finally, with the bankruptcy declaration, the Indian banks would get an opportunity to seize all the properties of the business tycoon and recover their funds.
Mango News Links:
Telegram: https://t.me/mangonewsofficial
Google Play Store: https://bit.ly/2R4cbgN
Apple / iOS Store: https://apple.co/2xEYFJ
