Fugitive Indian businessman, the 65-year-old chairman of UB Group, Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London High Court.After being declared bankrupt by the British court allowing Indian banks to pursue his assets worldwide, Vijay Mallya launched a tirade on Twitter accusing lenders of making him bankrupt.
Meanwhile, Union Finance Minister Nirmala Sitharaman on Monday introduced Insolvency and Bankruptcy Code (Amendment) Bill 2021 in Lok Sabha. Many small and medium businesses have been severely affected due to the COVID-19 pandemic and hence this bill was necessary to ease the financial stress.
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by Presi…
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