TIL Desk/Business/New Delhi/ A consortium of Indian public sector banks led by State Bank of India (SBI) sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans.
Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya’s now-defunct Kingfisher Airlines.”Why should we take less than everything we are owed,” said Marcia Shekerdemian, the barrister for the Indian banks, in reference to settlement offers.
The court also heard that the banks do not accept the former Kingfisher Airlines boss’ assertion that most of his assets are in India and to a lesser extent worldwide. A villa in France and assets spread across the British Virgin Islands, a trust registered in the Caribbean nation of St. Kitts & Nevis and the Indian Empress superyacht in Malta were some of Mallya’s worldwide assets referred to during the course of Wednesday’s hearing. “We cannot take Dr Mallya’s assertions at face value,” Shekerdemian said.
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