London: The High Court has given a huge relief to the liquor businessman Vijay Mallya and has rejected the demand to declare bankruptcy. In fact, a group of Indian banks led by SBI had filed a petition in the London High Court. In this application, the bank had sought to declare the debt-ridden businessman bankrupt, so that Mallya's debt of about £ 1.145 billion could be recovered. But the London High Court postponed the hearing in this case.
Justice Mike Briggs of the High Court's insolvency branch gave relief to Mallya, saying, "He should be given time till his petitions in the apex court of India and his resolution of settlement in the Karnataka High Court are settled." Justice Briggs of the 'Chief Insolvency and Company Court' said in his judgment on Thursday that at this time there is no reason to give banks the opportunity to pursue such action.
Let us tell you that the Indian public sector bank group under the leadership of SBI has requested to declare Mallya bankrupt. So that about 1.145 billion pounds of debt can be recovered from it. The liquor businessman Vijay Mallya, who has been declared as an absconder in India, had said that he should pay back all the debts last month. Vijay Mallya made such an appeal on Twitter, but said that the bank and the Enforcement Directorate are not helping him in this.
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