Vijay Mallya declared bankrupt, Indian banks to be able to confiscate his assets across the world for debt recovery
- UK court issued an order to declare fugitive Indian businessman Vijay Mallya bankrupt.
- Following the court's order, the way has been cleared for the consortium of Indian banks led by SBI to initiate confiscation of assets of the defunct airline Kingfisher on a global scale to recover the outstanding loans.
- ICC Judge Michael Briggs of the Chancery Division of the High Court of London said in his decision during the online hearing of the case, "I declare Mallya insolvent."
- Law firm TLT LLP, advocating Indian banks, and barrister Marcia Shekerdamian argued for issuing bankruptcy orders in favour of Indian banks.
- Letting you know, 65-year-old businessman Mallya is currently out on bail in the UK. It is understood that he may remain on bail till the resolution of confidential legal proceedings.
