By PTI Jul 8, 2020 8:45:31 PM IST (Published)
A consortium of Indian banks led by the State Bank of India (SBI) are pursuing their bankruptcy order against liquor tycoon Vijay Mallya in the High Court in England, as they seek to establish that any settlement offer made by him is now dead in the water .
A consortium of Indian banks led by the State Bank of India (SBI) are pursuing their bankruptcy order against liquor tycoon Vijay Mallya in the High Court in England, as they seek to establish that any settlement offer made by him is now dead in the water .
In a hearing in the insolvency division of the High Court in London on Tuesday, Justice Michael Briggs heard arguments from the banks, represented by barrister Marcia Shekerdemian, that pursuing the bankruptcy order was required as the banks were not secured creditors, as claimed by Mallya.
It follows Justice Briggs' ruling back in April in the case when he had concluded that Mallya should be given time until petitions pending in India can be determined before a decision is made on a bankruptcy order in London.