Indian banks’ consortium wins UK bankruptcy appeal in Mallya case

London: A consortium of Indian banks, led by State Bank of India (SBI), on Wednesday won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines. High Court judge Anthony Mann ruled in favour of the banks to allow an appeal heard in February, while refusing two applications seeking permission to appeal filed by the 69-year-old businessman, declared a fugitive and wanted for fraud and money laundering charges in India. “The banks’ pleaded position on security was one which they were entitled to adopt,” Justice Mann ruled.

“The bottom line in relation to this is that the bankruptcy order stands,” he concludes. Law firm TLT LLP, representing the banks, noted that the ruling confirmed the banks did not hold security over Mallya’s assets and that the bankruptcy petition was correct..