London: Fugitive liquor baron Vijay Mallya was not allowed to appeal against a UK High Court order on Wednesday, in which the court refused to dismiss the insolvency proceedings initiated in connection with the closed Kingfisher Airlines loan. The insolvency action was initiated by a group of Indian banks led by the State Bank of India (SBI).
The 65-year-old businessman, who was out on bail in Britain, had filed a new appeal against the UK High Court order seeking permission to suspend the bankruptcy proceedings till the decision on the issue of debt was decided in the Supreme Court of India. Mallya's lawyer Philip Marshall had argued that the banks' bankruptcy petition should not only be postponed but dismissed, as the loan is disputed and is being deliberately pulled into the courts of India.
Justice Colin Birs said during a hearing of the Appellate Division of the High Court in London that although it is a new point, I do not accept it as a reasonable basis for appeal, as the matter can be disposed of during the hearing, which is still continuing. Mallya's lawyers also raised the issue of misuse of the process in respect of allegedly undisclosed securities in India by banks. However, the judge said it has already been dismissed.
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