Vijay Mallya’s property to be confiscated?
Mumbai: Vijay Mallya, the owner of Kingsfisher Airlines, who has absconded with crores of rupees in loans from various banks in India, has been hit hard. The London High Court has dealt a major blow to Vijay Mallya.
Vijay Mallya has been declared bankrupt. (Vijay Mallya bankrupt: UK court declares allowing Indian banks to pursue his assets worldwide) The court has declared this and recognized various banks in India as Indian Banks.
Now this will help the State Bank of India consortium to recover the loan given to Vijay Mallya. Mallya’s property could be confiscated. Some Indian banks, led by the State Bank of India, had filed a petition in a British court. The court has given its verdict in this case.
The banks’ association had filed a petition in the court seeking to declare Vijay Mallya bankrupt for the recovery of his loan to Kingfisher Airlines. The petition of Indian banks was heard through video conferencing. The London High Court has declared Vijay Mallya bankrupt.
These banks have given loans to Vijay Mallya
Vijay Mallya had taken loans from 13 different banks, including the State Bank of India. These include Bank of Baroda, Corporation Bank, Federal Bank, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sindh Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India, JM Financial. .