The London High Court has given a massive relief to the liquor businessman Vijay Mallya and has refused to declare bankruptcy at present. A group of Indian banks led by SBI had filed a petition in the London High Court. In this petition, the bank had sought to declare a debt-ridden businessman bankrupt. So that Mallya could charge a debt of around £ 1.145 billion. But the London High Court adjourned the hearing in this case.
Relieving Vijay Mallya, Judge Mike Briggs of the High Court’s insolvency branch said. “He should be given time until his petitions in the Supreme Court of India and his proposal for settlement in the Karnataka High Court settled.”
Judge Briggs of the ‘Chief Insolvency and Company Court’ said in his judgment on Thursday that at this time there is no reason to allow banks to pursue such action.
Let me tell, the Indian public sector bank group under the leadership of State Bank of India has requested to declare Vijay Mallya bankrupt. So that about 1.145 billion pounds of debt can recover from it.
Vijay Mallya Is Ready To Return All The Money
The liquor businessman Vijay Mallya, who has declared as an absconder in India. Had also said that he would repay the entire loan last month. Mallya made such an appeal on Twitter but said that the bank. And the Enforcement Directorate is not helping him in this.
Vijay Mallya told Finance Minister Nirmala Sitharaman that the bankrupt Kingfisher Airlines is ready to “repay 100% of the borrowed money” in this critical time of Coronavirus epidemic, please consider their offer. He said that after the lockdown, all his companies stopped operating and manufacturing in India.
Vijay Mallya tweeted, “I have repeatedly proposed to pay 100 per cent of the amount borrowed from banks by the KFA. Neither the banks are ready to take the funds, nor the ED is ready to issue its attachments.” Which he has filed on behalf of banks. I hope the Finance Minister will listen to me (in my) time of this crisis. ”
Liquor businessman Vijay Mallya wrote, ‘Government of India has locked-down the entire country, which no one had thought. We respect this, but because of this, the work of all my companies has come to a standstill. Manufacturing also closed all the way. Despite this, we are not sending our employees home and paying the price. The government will have to help us’.
Significantly, Vijay Mallya escaped from India on March 2, 2016, after failing to pay a loan of Rs 9,000 crore. He had taken this loan for his now out of operation Kingfisher Airlines.