Description

The Companies and Insolvency Court of the United Kingdom on July 26^th, 2021 declared fugitive Indian businessman Vijay Mallya bankrupt. During a virtual hearing of the Chancery Division of the London High Court, Chief Insolvencies and Companies Court Judge Michael Briggs said "At 3:42 pm [UK] I will declare Dr. Malia bankrupt." Vijay Mallya, 65, is wanted in India for fraud and money laundering charges. He is currently on bail in the UK. 

The Corporate Courts are special courts on the list of the Chancery Division of the High Court of Justice of England and Wales that deal with business-related matters. The same order is a major win for a consortium of Indian banks, which can now implement a global order to freeze Mallya's assets to seek repayment of now-defunct Kingfisher Airlines debt.

Vijay Malia's attorney, Philip Marshall, has asked for a postponement of the bankruptcy decision. However, the corporate court denied Mallya's right to appeal the bankruptcy verdict on the grounds that there was "insufficient evidence" that Mallya would return to India and that the debt would be paid in full to the importers within a reasonable time.

Who are the petitioners?

The petitioners, in this case, consisted of a consortium of 13 Indian banks led by the State Bank of India (SBI) including Punjab National Bank (PNB), Bank of Baroda (BOB), Federal Bank Ltd, Corporation Bank, UCO Bank, IDBI Bank, Jammu & Kashmir Bank, Indian Overseas Bank, State Bank of Mysore, Punjab & Sind Bank, JM Financial Asset Reconstruction Co. Pvt Ltd, and United Bank of India.

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