Courtesy: www.outlookindia.com
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.
Bhubaneswar: As war or words intensified between Biju Janata Dal (BJD) and Bharatiya Janata Party…
Bengaluru: Breaking silence in his grandson Prajwal Revanna’s alleged sex scandal case, former Prime Minister…
Bhubaneswar: Biju Janata Dal (BJD) on Saturday moved Odisha’s Chief Electoral Officer (CEO) for urgent…
Hyderabad: Days after Telugu actor Pavitra Jayaram died in a car accident, co-actor and close…
Bhubaneswar: Heatwave is likely to return to Odisha from May 20 after a brief spell…
Bhawanipatna: A Vigilance court on Saturday convicted a retired headmaster of Odisha’s Kalahandi district in…
Bhubaneswar: BJP stalwart and Union Minister Amit Shah will be visiting Odisha again on May…
Bhubaneswar: All arrangements have been made to ensure smooth conduct of second phase of polling…