Fugitive businessman Vijay Mallya has got a big setback from the High Court of Britain. On Tuesday, the High Court dismissed the bankruptcy petition. After the dismissal of the petition, now there is a new hope of recovering the money of State Bank of India. The court has removed the security cover on Mallya’s property.
This decision of the London High Court is being considered as a big setback for Vijay Mallya. Let us tell you that Mallya had gone abroad by defrauding Indian banks of Rs 900 crore. Vijay Mallya’s Kingfisher Airlines is now closed. Now Indian banks will be able to recover their loan by taking possession of Mallya’s property present in India.
Banks will be able to recover the amount by auction
Explain that the consortium of Indian banks led by State Bank of India had demanded in the London High Court that the security cover imposed on Vijay Mallya’s property should be removed. The court has accepted the demand of the banks. Now banks will be able to auction Mallya’s property and recover his money.
Judge Michael Briggs of the Chief Insolvency and Companies Court of the London High Court ruled in favor of Indian banks. He said that there is no public policy available to provide security cover to Vijay Mallya’s property.
All legal avenues closed for Vijay Mallya
However, the extradition of Vijay Mallya may be delayed. Mallya is making every effort to postpone his return to India. There have also been allegations of criminal conspiracy and fraud against Vijay Mallya. He has lost his extradition case to the UK and his asylum appeal to the Home Ministry has also been rejected.
Extradition does not mean that Mallya will not return to India. Legal experts say that it is very difficult to win Vijay Mallya’s case. Even if he stays in the UK for a few more days using legal tricks, he cannot escape. According to experts, all legal options for Mallya’s stay in Britain are now over.