London – Vijay Mallya has lost a bankruptcy petition amendment in the UK, a consortium of Indian banks led by the State Bank of India moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya. Now defunct Kingfisher airlines after the High Court in London upheld an application to amend the bankruptcy petition in favor of way, their security over the embattled businessman’s assets in India.
So we’re getting in some breaking news, development on Vijaya Mallya’s case. He lost bankruptcy petition amendment high court battle in the United Kingdom. The chief insolvencies in companies quarter are the ICC in the UK has handed down his judgment in favor of the banks to declare that there is no public policy that prevents a waiver of security rights is argued by Mallya’s lawyers. It’s a setback to Vijay Mallya.
Vijay Mallya first has lost the bankruptcy petition amendment in the High Court of the UK. So he has lost that battle. Secondly, a consortium of Indian banks which was being led by the SBI that is the State Bank of India has now moved a step closer in their attempt to recover debt from loans paid out of Vijay Mallya, now defunct, Kingfisher airlines.
And this is only after a high court order and the High Court is of London we are talking about. So what has happened is that the London High Court has upheld an application to amend the bankruptcy petition in favor of waiving their security over the embattled businessman’s assets in India.
So what Vijay Mallya has been saying all through is completely false, because he says something else out in public. But what is happening in the course is the opposite of that. He says that he is ready to work with the Indian and then the British government, but when on the fact that remains that he’s just not doing anything.
He has come out and said that he is going to help or, he’s going to repay the loans, but on the ground to the banks. He’s not doing anything he’s fighting with the bank, even now as we speak.
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