{"id":244649,"date":"2025-02-22T21:12:36","date_gmt":"2025-02-22T21:12:36","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/22\/vijay-mallya-challenges-bankruptcy-proceedings-in-london-hc-seeks-annulment\/"},"modified":"2025-02-22T21:12:37","modified_gmt":"2025-02-22T21:12:37","slug":"vijay-mallya-challenges-bankruptcy-proceedings-in-london-hc-seeks-annulment","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/22\/vijay-mallya-challenges-bankruptcy-proceedings-in-london-hc-seeks-annulment\/","title":{"rendered":"Vijay Mallya challenges bankruptcy proceedings in London HC, seeks annulment"},"content":{"rendered":"
\"Vijay<\/div>\n
Business tycoon Vijay Mallya<\/a>, facing bankruptcy proceedings<\/a> pursued by Indian banks<\/a> in the UK, has expressed concerns that these legal actions have taken on an \u201cunreal quality\u201d following a statement made by India\u2019s Union Finance Minister, Nirmala Sitharaman<\/a>, in Parliament. Mallya has now instructed his new legal team to pursue an annulment of his bankruptcy<\/a> order, which was under review in the High Court in London this week, reported PTI, on Saturday.The case revolves around a set of complex appeals involving a consortium of banks, led by the State Bank of India<\/a> (SBI), seeking the repayment of an estimated GBP 1.05 billion owed by Mallya\u2019s defunct Kingfisher Airlines<\/a>. The High Court, presided over by Justice Anthony Mann, heard arguments related to these proceedings, with judgment expected at a later date.<\/p>\n

Leigh Crestohl, Managing Partner of Zaiwalla & Co., Mallya’s recently appointed legal team, spoke to PTI, emphasizing the businessman\u2019s belief that the bankruptcy proceedings were increasingly detached from reality. Crestohl pointed to a statement made by Finance Minister Sitharaman in December 2024, in which she confirmed that the Indian banks had collected and restored INR 14,131.6 crore, surpassing the amount owed by Mallya. Crestohl argued that this new evidence, revealing that the debt had been repaid in full and exceeded expectations, warranted the annulment of Mallya\u2019s bankruptcy order.<\/p>\n

\u201cThe banks have recovered more than what was due from Dr. Mallya. This was confirmed by the Honourable Finance Minister of India in her statement,\u201d PTI quoted Crestohl as saying, stressing that the banks should accept the accuracy of Sitharaman\u2019s statement.<\/p>\n

Mallya takes action
<\/h2>\n

Mallya\u2019s legal team moved to annul the bankruptcy order, citing the minister\u2019s remarks in Parliament as a key factor in their application. Crestohl indicated that Mallya intends to pursue this annulment application regardless of the outcome of the ongoing appeals.

Mallya, who is also facing charges of fraud and money laundering in India, had previously used social media to claim that he was entitled to relief based on the recovery of the debt. In a post made shortly after Sitharaman\u2019s statement, he questioned how the Enforcement Directorate (ED) and the banks had justified pursuing a debt that was more than double what was owed. He affirmed his intention to pursue the legal relief he believes he is entitled to.<\/p>\n

What is this case about?
<\/h2>\n

The current proceedings stem from bankruptcy actions initiated by the banks in 2018. The banks were granted a worldwide freezing order (WFO) after a ruling from the Bangalore Debt Recovery Tribunal (DRT). In 2021, a bankruptcy order was passed against Mallya. His legal team, led by Zaiwalla & Co., has been actively appealing the order in recent hearings, challenging key rulings made by the Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs, including the decision that the banks hold security over Mallya\u2019s assets.The bankruptcy appeals have been ongoing since 2021, with the High Court now examining multiple aspects of the case. One key issue includes whether the banks, which hold a security interest over Mallya\u2019s assets, are barred from making certain claims due to a judgment made in India.<\/p>\n

While Mallya remains on bail in the UK, his extradition to India on charges related to fraud and money laundering remains unresolved. He is reportedly involved in a “confidential” legal matter, believed to be linked to an asylum application.<\/p>\n

Mallya has consistently denied any wrongdoing, arguing that the debt pursued by the banks in both India and the UK relates to the same obligations tied to his former airline, Kingfisher Airlines.<\/p>\n

(With inputs from PTI)<\/em>
<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Business tycoon Vijay Mallya, facing bankruptcy proceedings pursued by Indian banks in the UK, has expressed concerns that these legal actions have taken on an \u201cunreal quality\u201d following a statement made by India\u2019s Union Finance Minister, Nirmala Sitharaman, in Parliament. Mallya has now instructed his new legal team to pursue an annulment of his bankruptcy […]<\/p>\n","protected":false},"author":2,"featured_media":244650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-118479289,imgsize-37856.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[190067,10161,135829,2696,121521,31827,7196,55090,143664,4250,10329,5113,3557,190065,2149,31830,190066],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/244649"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=244649"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/244649\/revisions"}],"predecessor-version":[{"id":244651,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/244649\/revisions\/244651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/244650"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=244649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=244649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=244649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}