Vijay Mallya (Photo Credits: Getty Images)
The British High Court on Tuesday led a group of Indian banks, led by the State Bank of India (SBI), to amend their petition regarding recovery of debts from Vijay Mallya’s bankrupt Kingfisher Airlines. Approved. The court upheld the application to amend the petition and said that any bank can free mortgage of Mallya’s property in India so that all lenders can benefit after the judgment in the bankruptcy case. Under this petition, the petitioning banks had sought exemption to waive the securities rights of the fugitive economic offender Mallya on the Indian properties which are mortgaged to him. This will benefit all the lenders who give loans to a Diwali person if a decision is made in their favor in the insolvency process. Also read- Nirmala Sitharaman said- Vijay Mallya, Nirav Modi, Mehul Chowki are all coming back to India to face the law.
Chief Justice (ICC) Justice Michelle Briggs, who heard the bankrupt and corporate affairs, pronounced her judgment in favor of the banks, saying that there is no public policy that banks cannot waive their securities rights on mortgaged property. The court also fixed July 26 for the final debate in the matter.
Fugitive businessman Vijay Mallya loses bankruptcy petition in UK High Court. SBI a step closer to recovering their money from him.
(File photo) pic.twitter.com/jqmYNxY4kf
– ANI (@ANI) May 18, 2021
In this hearing, through video conferencing, there will be a final debate on July 26 to give bankrupt orders in favor of or against 65-year-old Mallya. The banks allege that Mallya wants to prolong the case. He has appealed to take the insolvency petition to its natural result. The judge said that he allows banks to amend.