India: State Bank of India likely to begin bankruptcy proceedings against Vijay Mallya in UK court
State Bank of India is likely to begin bankruptcy proceedings against absconding businessman Vijay Mallya in a UK court, according to an Economic Times report.
Lawyers representing Mallya and SBI told the paper that the bankruptcy application would be filed soon.
"The lenders would have to first prove beyond doubt that Mallya owes them money, which is not less than 5,000 pounds, for their claim to be admitted and that will not be a problem because the English courts have recognised the Indian debt recovery tribunal order against Mallya," a source told the paper.
The Group Chairman of United Breweries reportedly owes SBI Rs 1,600 crore, which he had taken as loan for the now defunct Kingfisher Airlines.
Two weeks back, a British court refused to overturn a ruling by India's Debt Recovery Tribunal and upheld a worldwide freezing order on Mallya's assets.
The case in Debt Recovery Tribunal was filed by an SBI-led consortium of 13 banks to recover around $1.5 billion from the defunct carrier.
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