Vijay Mallya Withdraws UK Bankruptcy Appeal, Indian Banks Move to Seize Assets
supriyatunk
Fugitive Indian businessman Vijay Mallya has withdrawn his application to annul a UK bankruptcy order, paving the way for a consortium of Indian banks to pursue his assets in the United Kingdom. This development allows the court-appointed trustee in bankruptcy to take necessary legal steps to recover debts owed by Mallya, primarily linked to his now-defunct Kingfisher Airlines. The total debt being pursued is estimated at approximately £1.05 billion, highlighting the scale of the financial dispute that has long been under international scrutiny.
Mallya’s decision to withdraw his appeal effectively removes a legal hurdle that had delayed Indian banks from claiming his overseas assets. Over the years, the banks have been seeking to recover funds after Kingfisher Airlines collapsed, leaving significant unpaid loans. Legal experts note that this move strengthens the banks’ position in reclaiming Mallya’s luxury properties and other holdings in the UK, which were frozen under previous court proceedings.
This latest development marks a significant step in the long-running saga of Vijay Mallya, who has faced extradition proceedings in the UK alongside multiple legal challenges in India. With the bankruptcy appeal withdrawn, Indian banks are now poised to intensify their recovery efforts, potentially securing substantial assets to offset the massive debts linked to the airline’s collapse.
