Vijay Mallya Seeks Annulment of UK Bankruptcy Order, Calls Proceedings ‘Unreal Quality’

LONDON: Vijay Mallya, the embattled businessman, is pushing for the annulment of his bankruptcy order in the UK, claiming that the bankruptcy proceedings pursued by Indian banks have taken on an “unreal quality.” His legal team has been instructed to pursue an annulment application following statements made by Union Finance Minister Nirmala Sitharaman in Parliament.

The High Court in London has been hearing three interrelated appeals concerning Mallya’s bankruptcy order. Justice Anthony Mann reserved judgment after the conclusion of the hearings. The case revolves around a consortium of banks, led by the State Bank of India, seeking repayment of approximately £1.05 billion owed by Mallya’s defunct Kingfisher Airlines.

Mallya’s new legal team, led by Leigh Crestohl of Zaiwalla and Co., emphasized that recent evidence shows the debt owed to the banks has not only been paid but that the banks have recovered more than what was originally due.

The assertion was supported by Sitharaman’s statement in Parliament on December 17, 2024, in which she confirmed that Rs. 14,131.6 crore had been collected and returned to the banks.

Following the announcement, Mallya instructed his new legal team to seek the annulment of the bankruptcy order, a move he intends to pursue regardless of the outcome of the ongoing appeals.

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