A UK court hearing an urgent application on Monday refused to sanction the release of substantial sums held with the Court Funds Office (CFO) as part of bankruptcy proceedings being pursued against liquor tycoon Vijay Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
Judge Sebastian Prentis, who presided over a remote hearing at the Insolvency and Companies Court (ICC) of the High Court in London, concluded that Mallya had failed to provide the “basic information” required for such a validation order and agreed only to allow sufficient funds to cover an appeal hearing scheduled in the bankruptcy case for Wednesday.
