Vijay Mallya declared Bankrupt by UK Court

The order will allow a consortium of banks, led by the State Bank of India, to recover over Rs 9,000 crore by waiving security on Mallya’s assets.

The order will allow appointment of a bankruptcy trustee to investigate Mallya’s worldwide assets and recover the money he owes a consortium of banks led by the State Bank of India in a fraud case involving the now defunct Kingfisher Airlines. The consortium had in December 2018 initiated bankruptcy proceedings against Mallya, who owes the banks more than Rs 9,000 crore

Mallya is currently on bail in the United Kingdom while a confidential legal matter in the country is resolved. This is believed to be related to an asylum application.

The Indian banks, represented by the law firm TLT LLP and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks

Earlier Foreign Secretary Harsh Vardhan Shringla said that India has received “best assurance” from the UK authorities on extradition of #VijayMallya so that he can face charges of fraud and money laundering