LONDON: A consortium of Indian public sector banks led by State Bank of India (SBI) sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a High Court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya's now-defunct Kingfisher Airlines. "Why should we take less than everything we are owed," said Marcia Shekerdemian, the barrister for the Indian banks, in reference to settlement offers. The court also heard that the banks do not accept the former Kingfisher Airlines boss' assertion that most of his assets are in India and to a lesser extent worldwide. A villa in France and assets spread across the British Virgin Islands, a trust registered in the Caribbean nation of St. Kitts & Nevis and the Indian Empress superyacht in … [Read more...] about Indian banks argue for UK court to declare Vijay Mallya bankrupt
Vijay mallya pnb scam
Vijay Mallya on RCB’s performance: “ Always a great line up but sadly on paper only”
Royal Challengers Bangalore (RCB) former co-owner Vijay Mallya said the Virat Kohliled team is always good on paper, reacting to the skipper’s social media post after they finished rock-bottom in the Indian Premier League (IPL) points table. Taking a dig at RCB’s star-studded line up which had AB de Villiers, Marcus Stoinis, Moeen Ali and Shimron Hetmeyer besides Kohli, Mallya tweeted: “Always a great line up but sadly on paper only.” RCB gave a poor account of themselves in the first half of the tournament, not being able to win a single game. But Kohli and Co bounced back to win five games on the trot at the back end of the competition, something that, in the end, proved to be a bridge too far in terms of making the playoffs. It was the 12th straight season that the RCB failed to bag the IPL trophy. … [Read more...] about Vijay Mallya on RCB’s performance: “ Always a great line up but sadly on paper only”
PSU banks back in UK court over Mallya’s non-payment of debt
A consortium of public sector banks led by State Bank of India (SBI) are back in the UK high court to seek a bankruptcy order against liquor tycoon Vijay Mallya over the alleged unpaid debt of around £1.145 billion (about ₹9,000 crore).Judge Michael Briggs is presiding over a hearing in the insolvency division of the court in London this week in relation to a bankruptcy petition filed by the banks back in 2018 in their attempt to recoup unpaid debt accrued by the now-defunct Kingfisher Airlines. A previous UK High Court ruling had refused to overturn a worldwide order freezing Mr. Mallya’s assets and upheld an Indian court’s ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly £1.145 billion. The banks then launched efforts to recover dues as part of the freezing order, with the bankruptcy petition aimed at seizing UK-based Mallya’s assets to recover the dues. Besides SBI, the 13 Indian banks include Bank of … [Read more...] about PSU banks back in UK court over Mallya’s non-payment of debt
Indian banks urge UK court to declare Mallya bankrupt
Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds. A consortium of Indian public sector banks led by State Bank of India (SBI) sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya's now-defunct Kingfisher Airlines."Why should we take less than everything we are owed," said Marcia Shekerdemian, the barrister for the Indian banks, in reference to settlement offers. The court also heard that the banks do not accept the former Kingfisher Airlines boss' assertion that most of his assets are in India and to a lesser … [Read more...] about Indian banks urge UK court to declare Mallya bankrupt
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