London:
Indian Tycoon Vijay Mallya on Wednesday lost an appeal against a bankruptcy order by the London’s High Court with a loan of more than 1 billion pounds ($ 1.28 billion), in which lenders, including State Bank, were made.
Mallya, who lives in the UK, is entangled in a long legal battle with lenders – as well as Indian authorities – after the fall of his faulty Kingfisher Airlines in 2012.
In 2017, a group of banks received a decision against Mallya in India worth over 1 billion pounds, which guaranteed the loan of Kingfisher Airlines.
That year was later registered in Britain that year and in 2021 a bankrupt order was ordered against Mallya.
Mallya appealed against the order of bankruptcy at a hearing in February, when his lawyers argued that the banks had already recovered a property that had effectively resolved the loan.
But his appeal was rejected on Tuesday, Judge Anthony Mann said in a written judgment that “the lines below … is that the bankruptcy order stands”.
Mallya’s lawyers did not immediately respond to the remarks request.
Mallya, who was also the co-owner of Formula One Motor Racing Team Force India, is fighting different extradition in India to face allegations of fraud on the fall of Kingfisher Airlines.
His most recent appeal against his extradition was rejected in 2020, but Mann said in his judgment that the extradition order has “still not implemented”.
Mann said, “Apparently Dr. Mallya is still opposing extradition at other locations, which have not been resolved yet.”
(This story is not edited by NDTV employees and auto-generated from a syndicated feed.)