Tuesday, January 07, 2020

Do not use Indian cases to stall proceedings in UK: SC to Mallya

New Delhi: The Supreme Court on Monday asked chairman of the now defunct Kingfisher Airlines Vijay Mallya not to use the cases pending against him in Indian courts to stall a ruling in an insolvency case filed against him in London by Indian banks.
A bench led by Chief Justice of India S A Bobde clarified as much at the insistence of banks that pointed out that a London court had wrapped up arguments in the case but no ruling was forthcoming as Mallya had urged that court to await the result of petitions pending before the Supreme Court of India.
Banks led by SBI had initiated bankruptcy proceedings against Mallya in London, seeking recovery of Rs. 10,537 crore by way of debts following a January 19, 2017, Karnataka High Court order directing attachment of assets of Mallya and joint debtor UBHL (United Breweries Holding) to repay all debtors. 
Arguing for the banks, Solicitor General Tushar Mehta alleged that though “Mallya had been dangling the carrot of paying every single rupee, not a single rupee had been paid yet”.
 07/01/20 Samanwaya Rautray/Economic Times
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