Indian banks seek bankruptcy order against Mallya

A consortium of Indian public sector banks led by State Bank of India (SBI) is back in the UK high court to seek a bankruptcy order against liquor tycoon Vijay Mallya over the alleged unpaid debt of around 1.145 billion pounds.

Judge Michael Briggs is presiding over a hearing in the insolvency division of the court in London this week in relation to a bankruptcy petition filed by the banks back in 2018 in their attempt to recoup unpaid debt accrued by the now-defunct Kingfisher Airlines.

A previous UK High Court ruling had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the consortium of 13 Indian banks was entitled to recover funds amounting to nearly 1.145 billion pounds.