Vijay Mallya loses UK appeal for more funds to cover Indian legal fees nationalheraldindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalheraldindia.com Daily Mail and Mail on Sunday newspapers.
Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers.
Vijay Mallya loses bankruptcy petition amendment HC battle in UK
London
A consortium of Indian banks led by the State Bank of India (SBI) on TuesÂday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallyaâs now-defunct Kingfisher Airlines after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman s assets in India.
Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya s lawyers.
LONDON: Indebted liquor tycoon Vijay Mallya escaped being made bankrupt in the high court in London by a whisker on Tuesday after the judge was persuaded that Mallya’s ongoing proceedings in the Indian courts could render the judgment debt against him invalid for the purpose of making a bankruptcy order.
Chief Insolvency and Companies Court (ICC) judge Briggs adjourned making the bankruptcy order to allow for another day of arguments on July 26 after Mallya’s lawyer, Philip Marshall QC, pointed out that Mallya had an interest rate challenge in the Karnataka high court and a compromise settlement proposal in the Supreme Court of India, and claimed that both could discharge the debt he owes.
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