Vijay Mallya's Bankruptcy: Indian Banks Triumph in UK Court Appeal

A consortium of Indian banks, led by State Bank of India, secured a legal victory in London, upholding a bankruptcy order against Vijay Mallya. The High Court ruled against Mallya's appeals regarding the bankruptcy and amendment decisions, marking a significant win for the banks in the ongoing case.

An alliance of Indian banks, spearheaded by the State Bank of India, clinched a win in their protracted legal fight against fugitive tycoon Vijay Mallya. A London court's decision upheld a bankruptcy order against Mallya, founder of the defunct Kingfisher Airlines, who owes substantial debts to the banking consortium.

The High Court's ruling, delivered by Judge Anthony Mann, dismissed Mallya's appeals and supported the banks' claims over Mallya's alleged lack of security on his assets under English law. This legal decision signifies a pivotal moment in the case, originally initiated after the Debt Recovery Tribunal's judgment of GBP 1.12 billion against Mallya in 2017.

Mallya remains under legal scrutiny, including undergoing proceedings in the Karnataka High Court and an anticipated appeal in England. Meanwhile, he is also tackling separate asylum-related legal issues, remaining on bail in the UK.

(With inputs from agencies.)