In big blow to Vijay Mallya, London court declares him bankrupt

LONDON: Fugitive Indian businessman Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London high court. Though the order takes effect immediately, he has the option to seek permission to appeal from a higher court.

“There is no evidence he will go back to India to face trial so I find insufficient evidence he will pay the debt in full in a reasonable period of time. I shall adjudicate Dr Mallya bankrupt,” chief Insolvency and Companies Court (ICC) judge Briggs declared late Monday afternoon.

The 65-year-old chairman of UB Group, who lost all his court battles against extradition to India in May 2020 but has still not returned, now has to hand over all his assets,