On Friday, the consortium of banks presented their case in a London court to declare fugitive liquor businessman Vijay Mallya bankrupt. The court may pronounce the verdict on this issue in the coming weeks.
Businessman Vijay Mallya
Indian banks have fully mobilized to recover debt from fugitive liquor businessman Vijay Mallya. In this connection, the consortium of banks presented their arguments in a London court and tried to get a bankrupt order against Mallya. During this, a strong effort was made by the State Bank of India (SBI) to declare Mallya bankrupt.
In the virtual hearing held in front of Chief Insolvency and Companies Court Judge Michael Briggs, Indian banks and Mallya’s counsel presented their respective arguments. Indian banks say that they have the right to waive the security given on Indian assets in this case. After leaving the security, banks will be able to recover debt from Mallya’s property in London. At the same time, Mallya’s lawyer argued that the money of public sector banks in India is not private, but public property, so they do not have the right to leave security.
A decision on this issue is expected in the next few weeks, as Judge Briggs said that he will now give a decision at the appropriate time in the coming weeks after considering the details. It is known that Mallya owes more than nine thousand crore rupees of Indian banks. He is accused of fraud and money laundering. In this connection, the Indian government is constantly talking to Britain for Mallya’s extradition.
Apart from SBI, Bank of Baroda, Corporation Bank, Federal Bank Limited, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, besides SBI, have argued in the court against Vijay Mallya. , Bank groups such as UCO Bank, United Bank of India and JM Financial Asset Reconstruction Company Private Limited.
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