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Indian Banks Pursue UK Bankruptcy Order Against Vijay Mallya
The exchange between the lawyers got heated at several points during the course of the virtual hearing, also being followed by Mallya, with Judge Briggs stepping in to urge a focussed question and answer approach to expedite the proceedings.
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A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines.
At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
SBI-led bank consortium pursues UK bankruptcy order against Vijay Mallya
At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK
PTI | December 19, 2020 | Updated 18:18 IST
Vijay Mallya
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines.
Updated Dec 19, 2020 | 18:29 IST
Retd Justice Gopala Gowda argued the reverse in his cross-examination by Mallya s barrister Philip Marshall, saying the banks had a right to relinquish their security in pursuit of unpaid dues. SBI-led bank consortium pursue UK bankruptcy order against Vijay Mallya | Photo Credit: PTI
New Delhi: A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines.
At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK.
The BVI Beacon
Governor explains delays on pot laws
After facing criticism for delaying assent to two bills that would decriminalise and legalise medical marijuana, Governor Gus Jaspert said last Thursday that the matter is now in the hands …
Premier Andrew Fahie reiterated complaints about the Governor Gus Jaspert’s delays in assenting to two bills regarding medical marijuana. (Photo: PROVIDED)
After facing criticism for delaying assent to two bills that would decriminalise and legalise medical marijuana, Governor Gus Jaspert said last Thursday that the matter is now in the hands of the United Kingdom foreign secretary.
The House of Assembly passed both bills in June, when Premier Andrew Fahie said they would provide a needed boost to the territoryâs economy and free up policing resources to focus on matters more serious than pot arrests. Since then, HOA members have repeatedly urged Mr. Jaspert to assent.