London: Fugitive Indian businessman Vijay Mallya has been declared bankrupt by the London High Court on Monday. This is a big win for Indian banks.
The banks led by State Bank of India can now recover debt from loans given to Kingfisher Airlines by seizing Mallya’s Indian assets.
Mallya was refused permission to appeal against the court’s decision.
Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs, earlier this year, had ruled in favour of the banks to declare there is no public policy that prevents a waiver of security rights.
Vijay Mallya had fled India in March, 2016 and his companies owe a consortium of 13 banks over Rs 9,000 crore. The Indian government has been trying for extradition since then.