Indian banks under the leadership of State Bank have declared bankruptcy in the case of fugitive liquor businessman Vijay Mallya and demanded the confiscation of his property. Mallya has absconded with more than nine thousand crore rupees of these Indian state-owned banks and has been living in Britain for many years.

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According to media reports, the court bench headed by Judge Michael Briggs is hearing the petition of banks. This petition was filed in 2018. Mallya had taken this loan from banks for his closed Kingfisher Airlines. Advocate Marcia Shekardamian, appearing for the banks, said, "We cannot accept less money than our debt." Why should we do this? This question arose in the court after Mallya's proposal that Mallya's property seized from India and around the world has been seized. Therefore, there is no need to run the case now. It was told by the banks that the valuation of the seized property is less than the loan given to them. Therefore, no such proposal can be accepted.

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Banks have sought to pass orders for the seizure of a French villa, the property of the Virgin Islands and other places in Britain, the real estate in the Caribbean country of St. Kitts and Nevis and the seizure of Indian Impress Superyacht. The lawyers of the banks said, "We cannot accept Mallya's property on the basis of his virtual value." Because many of those assets are disposable or dilapidated.

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