The Insolvencies and Companies Court of London High Court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws.
Legal experts explain what this means for 65-year old Mallyas personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders – at whose behest the bankruptcy proceedings were initiated in the UK courts.
What are the consequences for Mallya, lenders:
As per British law, a bankruptcy trustee takes charge of a bankrupt persons financial and physical assets, including his credit, debit cards, bank accounts, etc. The trustee would reconcile all assets and liabilities to pay off debtors. Till a person is on the bankrupt list, there are re…
Read the full article at: https://www.business-standard.com/article/companies/vijay-mallya-s-bankruptcy-what-it-means-for-fugitive-businessman-lenders-121072701646_1.html
