Indian banks celebrate after Vijay Mallya’s appeal against bankruptcy; Mallya says that he will get a deletion

Toi correspondent from London: The UK High Court celebrated a union of Indian banks on Wednesday after the UK’s High Court denied permission to appeal to his UK bankruptcy order and a revised bankruptcy petition.
The State Bank of India -led Consortium Kingfisher Airlines founder Vijay Mallya is trying to bring back a loan of £ 1 billion, which provided a personal guarantee in 2010, which the airline did on the loan. The loan was registered in English courts in 2017 and Mallya In 2021, it was insolvency in England.
Mallya’s appeal against the insolvency order was that he did not give anything to the banks at the time of the petition as half or more loans of the petition were obtained by the banks and the rest were interest which were being challenged in separate court proceedings in India.
Judge Sir Anthony Mann refused to allow him to appeal, saying that the interest challenge which has not been received as a complete issuance, alone the service alone is “not one that has a clear qualification”.
A date recovery tribunal ordered banks to restore the assets of Mallya, UBHL and concerned companies, which were subjected to the attachment order. As this procedure, banks were required to provide bond ventures, for which banks served to restore the ED when necessary. Banks claimed that there was a continuous risk until the conclusion of Mallya’s criminal test in India that the relevant tribunal could order to return the property, the banks claimed. Mallya disputed this and said that the debt was discharged.
Refusing permission to appeal to the order of bankruptcy at this point, Mann said, “Mallya’s presence was necessary for a criminal test, and he voluntarily refused to return to India. Accordingly, it was his decision to be absent for them which was holding the test. A extradition order was given at the time of hearing, but it is still not implemented. Dr. Mallya Still opposing extradition at other locations which have been resolved so far. ,
Mann allowed the appeal to the banks, who were appealing to amend the insolvency petition, in which he had to agree that he would abandon any security if Mallya was declared bankrupt. Mann did not find his original bankruptcy petition faulty and there was no evidence that he organized security on his property.
Mann also denied Mallya’s permission to appeal to the revised bankruptcy petition.
Nick CurlingThe legal director in the TLT LLP, who represented banks, said: “This is a significant result for banks.”
Mallya’s lawyer, Jaywalla and co -management partner Leh Crestohal said it was fictional to say that the recovery was “conditional”. He said, “Mallya chased his application to cancel the order of bankruptcy,” he said.