TOI correspondent from London: A consortium of Indian banks celebrated on Wednesday after the UK high court refused Indian tycoon Vijay Mallya permission to appeal his UK bankruptcy order and the amended bankruptcy petition.
The State Bank of India-led consortium is trying to claw back a £1 billion debt from Kingfisher Airlines founder Vijay Mallya who provided a personal guarantee in 2010 on loans the airline took out. The debt was registered in the English courts in 2017 and Mallya was made bankrupt in England in 2021.
Mallya’s appeal against the bankruptcy order was that he did not owe the banks anything at the time of the petition as half or more of the petition debt had been received by the banks and the rest was interest which…
