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Another claim has also arisen from Tudor Capital, who say they are owed money from a claim that was incorrectly marked as satisfied. BDO’s investigation has shown their claim is valid and they expect to make a repayment in the region of £1.7m.
Second in line are the preferential creditors, however given all the employees have been taken on by the new TVS backed business, it’s not expected they will make any claims.
Next up come the unsecured creditors, which include deposit holders. To date BDO have received £8.8m of claims from unsecured creditors, far exceeding the £6.2m held on record. Despite this, BDO say they expect to make a distribution to the unsecured creditors, but they don’t know how much this will be or when.
IndiaJinlangSichuanChinaAustraliaJapanMidlandsLeicestershireUnited-kingdomUnited-statesHong-kongCalifornia London [UK], January 13 (ANI): Fugitive businessman Vijay Mallya has been denied access by a UK court to a significant chunk of his cash held by the UK court funds office as part of the wider bankruptcy proceedings against him launched by a consortium of Indian banks. A judge at the Insolvency and Companies Court at the High Court in London refused to release the funds, saying that Mallya had failed to provide the necessary information to permit the release of the funds. Judge Sebastian Prentis however, agreed to allow sufficient funds to Mallya to cover an appeal he is expected to file against the refusal on Wednesday (January 13).
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UK High Court refuses to release money for Vijay Mallya
Fugitive businessman Vijay Mallya has been denied access by a UK court to a significant chunk of his cash held by the UK court funds office as part of the wider bankruptcy proceedings against him launched by a consortium of Indian banks. A judge at the Insolvency and Companies Court at the High Court in London refused to release the funds, saying that Mallya had failed to provide the necessary information to permit the release of the funds.
Judge Sebastian Prentis however, agreed to allow sufficient funds to Mallya to cover an appeal he is expected to file against the refusal on Wednesday (January 13).
IndiaUnited-kingdomLondonCity-ofBritishTony-beswetherickPhilip-marshallSebastian-prentisJustice-prentisPriti-patelVijay-mallyaPunjab-national-bankMallya receives fresh blow as judge denies appeal to dismiss bankruptcy proceedings ANI | Updated: Jan 13, 2021 22:39 IST
By Poonam Joshi
London [UK], January 13 (ANI): The UKHigh Court today refused an appeal by the fugitive businessman Vijay Mallya to dismiss the bankruptcy petition brought by a consortium of banks which are attempting to recover the debts owed by Mallya's now-defunct Kingfisher Airlines in lieu of the loans granted to the airline.
In a major setback for the 65-year-old Mallya, Justice Birss of the Insolvency and Companies division of the UKHigh Court upheld an earlier ruling that the bankruptcy proceedings be halted in just the latest appeal by Mallya against the proceedings.
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