London: Indian fugitive businessman Vijay MallyaA K barrister told the high court here on Monday that his client wanted to appeal against his bankruptcy order “to compensate for the damage caused to his reputation and financially.”
Richard Hill QC told the Chancery Division of the High Court on Monday that the judge who ordered the bankruptcy of Mallya in the UK on July 26, 2021, did not take account of Mallya’s assets that were already confiscated by Indian banks. And neither did Mallya. Mallya’s ongoing court proceedings in India are to challenge the DRT decision of the 11.5 per cent interest rate on the loan.
SBI-led consortium files bankruptcy petition against Mallya London The £1.05 billion (Rs 10,122 crore) judgment set by the Debt Recovery Tribunal (DRT) for failing to repay the loan, Karnataka In 2017, which was registered in the English courts. Loan is secured by personal guarantee given on loan given by Mallya Kingfisher Airlines,
The Insolvency and Company Court of the High Court had declared Mallya insolvent on 26 July 2021.
Hill said Indian banks have realized MallyaThe property now held cash for “all the principal on the judgment loan and a substantial part of its interest portion” and the only unpaid bit was “a disputed portion of the interest” which had been disabled by Mallya from paying the attachment of his assets. .
Mallya also wants to appeal the amended petition brought against him, the court heard.
The banks, for their part, are appealing the ruling that their original bankruptcy petition violated insolvency laws because they failed to declare that they have security over some of Mallya’s assets in India. In his amended petition, he had to promise to give up his security on Mallya’s Indian property in the event of a bankruptcy order.
Marcia Scheckerdamian QC, representing the banks, argued that each should be heard separately, while Hill argued that Mallya’s economic condition caused him to have a “funding issue on his side” to save costs. Must be heard together. Justice Leach ruled that all three appeals should be disposed of in a joint hearing at the earliest – likely to be April 2023.
Richard Hill QC told the Chancery Division of the High Court on Monday that the judge who ordered the bankruptcy of Mallya in the UK on July 26, 2021, did not take account of Mallya’s assets that were already confiscated by Indian banks. And neither did Mallya. Mallya’s ongoing court proceedings in India are to challenge the DRT decision of the 11.5 per cent interest rate on the loan.
SBI-led consortium files bankruptcy petition against Mallya London The £1.05 billion (Rs 10,122 crore) judgment set by the Debt Recovery Tribunal (DRT) for failing to repay the loan, Karnataka In 2017, which was registered in the English courts. Loan is secured by personal guarantee given on loan given by Mallya Kingfisher Airlines,
The Insolvency and Company Court of the High Court had declared Mallya insolvent on 26 July 2021.
Hill said Indian banks have realized MallyaThe property now held cash for “all the principal on the judgment loan and a substantial part of its interest portion” and the only unpaid bit was “a disputed portion of the interest” which had been disabled by Mallya from paying the attachment of his assets. .
Mallya also wants to appeal the amended petition brought against him, the court heard.
The banks, for their part, are appealing the ruling that their original bankruptcy petition violated insolvency laws because they failed to declare that they have security over some of Mallya’s assets in India. In his amended petition, he had to promise to give up his security on Mallya’s Indian property in the event of a bankruptcy order.
Marcia Scheckerdamian QC, representing the banks, argued that each should be heard separately, while Hill argued that Mallya’s economic condition caused him to have a “funding issue on his side” to save costs. Must be heard together. Justice Leach ruled that all three appeals should be disposed of in a joint hearing at the earliest – likely to be April 2023.