A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
A British court on Monday granted a bankruptcy order against Vijay Mallya, 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 shall 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. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
Stakeholders' Empowerment Services (SES) has advised Diageo to renege on its deal with United Spirits (USL) chairman Vijay Mallya.
Mallya is the first Indian ever to become the owner of a Formula One Team. The Netherlands-based Mol Family and Mallya have formed a consortium that is now the joint owner of Force India Formula One, which is also India's first-ever Formula One Team and represents India's first, truly global sports foray.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
At the heart of Friday's case lay an ICICI Bank loan owed by Mallya's Watson and CASL, for which Diageo stepped in as a backstop so that it could be refinanced by Standard Chartered Bank.
We asked readers what they would do if they had only three years to live life to the fullest? The contest is now closed, but before we announce the winners, here is one last set of interesting responses.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
'I used to tell my wife to pack extra food in my tiffin so that I could at least offer that to my colleagues who were living on vada pav.'
Kingfisher chief Vijay Mallya walked into the corporate head office of Jet at S M Centre in Andheri to discuss the issues of common interest with Naresh Goyal, as both the airlines are losing an estimated up to Rs 20 crore a day.
Sanofi India is seeking approval of the shareholders for perpetuity.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
Mallya now has 14 days from February 4 to apply for leave to appeal to the UK high court.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
'The appellant (Mallya) has five business days to apply for oral consideration. If a renewal application is made, it will be listed before a high court judge and dealt with at a hearing,' a spokesperson for the UK judiciary said.
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
This property has all the hallmarks of being owned and occupied by Vijay Mallya. A fleet of supercars making their way down the drive, hordes of people descending to party all night long and a constant delivery of goods and services.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
The Vijay Mallya-owned UB Group on Friday withdrew the controversial advertisement showing India skipper Mahendra Singh Dhoni "mocking" at Harbhajan Singh's look-alike, which had prompted the spinner to slap a legal notice against the group.
The contempt petition in the Karnataka High Court has been filed only against liquor baron Vijay Mallya alleging breach of an oral undertaking given before the Debt Recovery Tribunal that they would not alienate unencumbered assets nor deal with them, Counsel for a consortium of banks clarified on Wednesday.
Speaking to reporters Mallya said, "It will all become clear in court".
Mallya said the allegations of money laundering and stealing money against him are 'completely false'.
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
Indian Premier League franchise Royal Challengers Bangalore has notified the Board of Control for Cricket in India about Vijay Mallya's resignation as Director of Royal Challengers Sports Private Limited (RCSPL).
The judge confirmed that the bulk of the evidence submitted by the Indian authorities will be admissible
BJP spokesperson alleges that the then Principal Secretary to Prime Minister Pulok Chatterjee would "snatch files" from Dr Manmohan Singh to take it to 10 Janpath, Sonia Gandhi's residence.
As his personal wealth started booming, Mallya went on a buying spree.
Any race that has to be run in India has to be run under the banner of the recognised affiliate, says the FMCI chairman.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
Mallya's Rajya Sabha declaration lists investments in racing, finance and investment firms.
Fifteen candidates in the recently concluded elections to the Rajya Sabha have pending criminal cases against them, of which six of them have serious charges, a report by the Association of Democaratic Reforms and National Election Watch has stated.
Karan Johar introduces an unusual combination this week in Koffee With Karan.
'It will be interesting to see how Dr Patel handles gadflies with the maturity of egregiously petulant three year olds.' 'That Dr Patel does not, in so far as we can tell, cause society matrons to gush like hormonal teenagers can only be a good thing for him.' 'Look where their febrile imaginations and breathless prose took his predecessor.'
ome of the features including seat declining angle, better cushion for seats, better accessibility to mobile charging points than before, extended foot-rest in the Executive Chair cars among others, an official release said.
Force India Formula One team boss Vijay Mallya feels beating McLaren for fifth spot in the team standings will be a 'big task' in the remaining four races of the season.
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