Monday, January 06, 2020

Vijay Mallya can't use pendency of plea to stall verdict in UK court, says SC

New Delhi: In a setback to embattled liquor baron Vijay Mallya, the Supreme Court has said he can't use pendency of his plea in the SC to stall insolvency proceedings initiated against him in the United Kingdom. Mallya had approached the SC on June 27, seeking a stay on the confiscation of properties owned by him and his relatives in India.

A bench, headed by Chief Justice SA Bobde, passed the order after the Centre told the SC bench that Mallya used pendency of his plea to stall the UK court from delivering the verdict in insolvency proceedings.

A UK court last month had reserved its judgement on a plea by a consortium of Indian public sector banks led by State Bank of India (SBI), seeking a bankruptcy order against Mallya as part of efforts to recoup around 1.145 billion pounds in unpaid loans.

After hearing arguments from both sides, Judge Michael Briggs reserved his judgment in the insolvency division of the High Court. The plea was filed by the banks last year, about lending involving Mallya's now-defunct Kingfisher Airlines.
06/01/20 Business Today
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