There is more turmoil arousing for fugitive economic culprit Vijay Mallya as twelve state-owned Indian banks directed by State Bank of India want Mallya to be proclaimed as bankrupt. They have moved the court to declare Mallya bankrupt for over 1.15 billion pounds in unpaid debts. Bankers have notified the court that Mallya is yet to settle the obligations. Banks have asserted before the court that Mallya has considerable assets in England.
In the petition filed before the court, the bankers have mentioned the following as Mallya’s assets: a townhouse in London’s Regent’s Park worth more than 30 million pounds, 13 million-pound mansion in Hertfordshire, three yachts, and shares in Force India Formula One Team Ltd.
Mallya’s legal team, however, has asserted before the judiciary to terminate the invitation as an analogous case is underway in India. The lawyers have also requested the court to delay the hearing as Mallya’s appeal against the extradition order is being heeded by another London court. The case will come up for hearing in February.
Sale of Mallya’s expropriate possession
Meanwhile, a PMLA court in Mumbai is already listening to an invitation by lenders for the rehabilitation and sale of Mallya’s confiscated assets. The consortium of 15 banks led by State Bank of India (SBI) had applied to the PMLA court in January for the development of assets so that they could be sold. The ED, which had stridden to attach the properties, gave its consent to the banks’ suggestion on February 5 with a few riders. The final order by the PMLA court is now awaited. The ED also schemes to auction Vijay Mallya’s equity holdings attached by the agency once the PMLA court passes its order on confiscating his assets.