Vijay Mallya declared bankrupt by UK Court

The decision will now pave way for the consortium of Indian banks led by SBI.

Fugitive liquor baron Vijay Mallya was declared bankrupt by a United Kingdom court on Monday.

 

The decision will now pave way for the consortium of Indian banks led by the State Bank of India (SBI) to recover loan given to the businessman's now-defunct Kingfisher Airlines.

 

Mallya had reportedly tried appealing against the High Court verdict but was refused permission to do the same.

 

Earlier this year in May, a UK Court had upheld an application by a lender consortium to amend their bankruptcy petition in favour of waiving their security over Mallya’s assets in India.

 

India Scanner News Network

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