UK Court Upholds Bankruptcy Order Against Vijay Mallya

Vijay Mallya, the Indian tycoon and former co-owner of Kingfisher Airlines, suffered a significant legal defeat in the UK as London's High Court upheld a bankruptcy order against him, confirming a debt exceeding £1 billion owed to a consortium of Indian banks led by the State Bank of India. Judge Anthony Mann ruled that the banks' security claims were valid and dismissed Mallya's latest appeal, stating that 'the bottom line... is that the bankruptcy order stands.' The legal battle has been ongoing since 2017 when the banks obtained a judgment against Mallya, who has been living in Britain since fleeing India in 2016. Mallya's lawyers indicated they would continue to seek to overturn the bankruptcy ruling, while he also faces separate extradition proceedings related to fraud charges in India. The ruling underscores the banks' position that Mallya's assets do not discharge the debt under English law. Mallya's recent appeal against extradition was rejected in 2020, with the extradition order still not enforced, as he continues to resist returning to India.