NEW DELHI: Fugitive businessman Vijay Mallya was declared bankrupt by a UK court on Monday, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
“As at 15.42 [UK time], I adjudicate Dr Mallya bankrupt,” chief insolvencies and companies court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court in London.
The 65-year-old businessman remains on bail in the UK while a “confidential” legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.
