New Delhi: Fugitive liquor baron Vijay Mallya, who has digested thousands of crores of rupees from India's state-owned banks, has been declared bankrupt by the London High Court on Monday (July 26, 2021). Following the London High Court's decision, Indian banks will be able to easily occupy the properties of fugitive criminals. According to media reports, a petition was filed against Mallya in the British court by a consortium of Indian banks in the state bank of India (SBI) order.

The petition sought a declaration of Vijay Mallya as bankrupt for the recovery of loans given to Kingfisher Airlines. However, Mallya still has a chance to appeal against the London High Court verdict. Mallya's lawyer is said to be likely to file a petition to challenge the decision soon. Foreign Secretary Harsh Vardhan Shringla had said on Saturday (July 24) that India has framed a strong case against Mallya and UK authorities have given the best assurance about his extradition.

On the question of delay in extradition of Vijay Mallya, the Foreign Secretary had said, "We have been told that the process is going on on the matter and the British side is working on his (Mallya)'s extradition. He had said that Mallya, wanted for economic crimes in India, has a lot of money in the country which he has to return.''

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