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Vijay Mallya can't use pendency of plea to stall verdict in UK court, says SC

A UK court last month had reserved its judgement on a plea by a consortium of Indian public sector banks led by State Bank of India (SBI), seeking a bankruptcy order against Mallya as part of efforts to recoup around 1.145 billion pounds in unpaid loans

twitter-logoBusinessToday.In | January 6, 2020 | Updated 12:48 IST
Vijay Mallya can't use pendency of plea to stall verdict in UK court, says SC
Fugitive businessman Vijay Mallya

In a setback to embattled liquor baron Vijay Mallya, the Supreme Court has said he can't use pendency of his plea in the SC to stall insolvency proceedings initiated against him in the United Kingdom. Mallya had approached the SC on June 27, seeking a stay on the confiscation of properties owned by him and his relatives in India.

A bench, headed by Chief Justice SA Bobde, passed the order after the Centre told the SC bench that Mallya used pendency of his plea to stall the UK court from delivering the verdict in insolvency proceedings.

A UK court last month had reserved its judgement on a plea by a consortium of Indian public sector banks led by State Bank of India (SBI), seeking a bankruptcy order against Mallya as part of efforts to recoup around 1.145 billion pounds in unpaid loans.

After hearing arguments from both sides, Judge Michael Briggs reserved his judgment in the insolvency division of the High Court. The plea was filed by the banks last year, about lending involving Mallya's now-defunct Kingfisher Airlines.

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India about fraud and money laundering charges amounting to Rs 9,000 crore.

He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then. He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.

With PTI inputs

Also read: Vijay Mallya offers again to pay back entire debt to banks

Also read: Huge relief for Vijay Mallya as London HC allows appeal against his extradition

Alsor read: Indian banks seek bankruptcy order against Vijay Mallya; UK court reserves judgment

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