Vijay Mallya Gets Bankruptcy Reprieve as UK High Court Defers Hearing on SBI-Led Consortium’s Plea

In a relief to liquor baron Vijay Mallya, the High Court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from Vijay Mallya.

Justice Michael Briggs of the insolvency division of the High Court granted relief to Vijay Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.
Vijay Mallya remains on bail pending a UK High Court ruling in the extradition proceedings brought by India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crore.

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