According to News 18 report, the London High Court has declared Vijay Mallya as bankrupt on July 26.
In the month of May, the UK Court reviewed an application by a lender consortium led by the SBI to revise their bankruptcy petition in favors of waving their securities over Vijay Mallya’s asset in India.
Reportedly, Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs had put forward his judgement in favor of the bank stating that there is no public policy which prevents a wavier of security rights , as claimed by Mallya’s lawyers.
The Court’s verdict will help the consortium of Indian Banks headed by the State Bank of India to reclaim its debts from loans provided to the Vijay Mallya’s now-defunct Kingfisher Airline by seizing his assets in India.
According to reports, the businessman had tried to appeal against the High Court verdict. However, he was denied to do so.
Vijay Mallya had fled from India hours before the bank could approach the Supreme Court seeking his detention. Since then, the country is in a continuous effort for his extradition.
(This is a developing story. Check back for further updates)