Fugitive liquor baron Vijay Mallya suffered another legal setback in the UK as the High Court upheld a bankruptcy order against him, rejecting multiple appeals and ruling decisively in favour of a consortium of Indian banks led by State Bank of India.
“The bottom line in relation to this is that the bankruptcy order stands,” said High Court judge Anthony Mann, who ruled that the banks’ position on security was valid and dismissed two applications filed by Mallya. The court decision affirms the bankruptcy petition originally filed by the banks to recover dues related to loans made to the now-defunct Kingfisher Airlines.
The banks were represented by UK law firm TLT LLP. “This is a significant result for the banks. TLT are pleased to…
