9 thousand crore rupees owed to Vijay Mallya from all banks
This loan from
Banko was taken for Kingfisher Airlines
London court has slammed fugitive businessman Vijay
Mallya on Tuesday. Vijay Mallya, who filed a bankruptcy petition in the High
Court, is defeated here. After this decision of the court, the State Bank of
India (SBI) can be easy to recover debt by selling its assets.
Mallya took a loan for Kingfisher Airline. The
London High Court has lifted the security cover imposed on Mallya’s property in
India. With this, the consortium of SBI-led Indian banks has come closer to
recovering debt from Mallya. Now Indian banks will be able to recover the loan
given to Kingfisher Airlines, which has been closed by capturing Mallya’s
assets in India.
The bank's consortium tried in April. A consortium
led by SBI, during a hearing in the London High Court in April, tried very hard
to declare the fugitive businessman bankrupt. Vijay Mallya owes a debt of Rs
9,000 crore to the closed Kingfisher Airlines. Vijay Mallya used to say that
the debt owed on him is public money. In such a situation, banks cannot declare
him insolvent.
London court ruled in favor of Indian banks. Mallya
had also claimed that the insolvency petition filed by Indian banks was outside
the purview of the law. They cannot impose the security of their property in
India, as it is against the public interest in India. Michael Briggs, the judge
of the Chief Insolvency and Companies Court (ICC) of the London High Court,
ruled in favor of Indian banks, saying there was no public policy that would
provide security rights to Mallya's assets.
There may still be a delay in coming to India. Mallya
is trying everything so that he does not have to come to India. Law experts say
that his chances of winning the case in the UK are slim, but still his maneuver
gives him a few more days to live in the UK. Experts say that almost all laws
of Mallya's stay in Britain have been closed.
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Dr. Deepak Miglani
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