London (SunstarTV Bureau): A UK Court declared fugitive Vijay Mallya from India, businessman, the chairman of now-defunct Kingfisher Airlines as ‘bankrupt’. Notably, Mallya has to pay to India an amount of Rs 9,000 crore, which was defrauded by him.
According to sources, the UK court order comes as a massive boost for the consortium of banks led by the State Bank of India (SBI) to initiate freezing of assets owned by Kingfisher Airlines, both in India and abroad to repay its debt.
The SBI led consortium had argued for the bankruptcy order to be granted in their favor. The Indian banks were represented by the law for TLT LLP and barrister Marcia Shekerdemian. Reportedly, Mallya is out on bail currently in the UK while a confidential legal matter believed to be related to an asylum application is being resolved in connection with the unrelated extradition proceedings.
