Core Points - Vijay Mallya has discontinued an application to annul a UK bankruptcy order, allowing the "Trustee in Bankruptcy" to continue asset recovery efforts for a consortium of banks led by the State Bank of India, related to a judgment debt of approximately £1.05 billion owed by his defunct Kingfisher Airlines [7][2][5] - The High Court upheld the bankruptcy order, confirming that the order remains in effect, and the trustee can investigate and realize assets without hindrance from Mallya's annulment application [2][5][6] - Mallya's separate annulment application was based on claims that the banks' debt had already been recovered in India, but this application has not progressed due to a lack of movement on an Indian writ petition [5][6][7] Legal Proceedings - The case dates back to 2017 when banks registered a judgment from the Indian Debt Recovery Tribunal in English courts, which involved a personal guarantee from Mallya for loans to Kingfisher Airlines [6][7] - A worldwide freezing order was granted to the banks in May 2018, leading to a series of hearings that culminated in a bankruptcy order against Mallya on July 26, 2021 [6][7] - Mallya remains on bail in the UK while a confidential legal matter, believed to be related to an asylum application, is being resolved [7]
Vijay Mallya discontinues bankruptcy annulment application in UK
The Economic Times·2025-10-13 15:36