Vijay Mallya has officially been stripped of his title ‘King of Good Times’ since the London High Court declared him bankrupt on July 26.
The UK high court press office said in a statement that the companies and insolvency court passed the ruling declaring Vijay Mallya bankrupt, which is being seen as a major victory for the consortium of Indian banks. The consortium of 13 banks led by the State Bank of India (SBI) can now pursue a worldwide freezing order on Mallya’s assets in a bid to seek the repayment of debts owed by the now-defunct Kingfisher Airlines. Mallya has been denied any right to appeal against the bankruptcy decision of the court.
Mallya, who fled to the UK in March 2016 on the eve of his arrest, and has been fighting on multiple fronts of money laundering and fraud to avoid extradition to India, owed more than ₹9,000 crores to the consortium of banks in principal and interest.
The 65-year-old fugitive businessman remains on bail after he was ordered to be extradited in December 2018 by the Westminster magistrate’s court in London. He has repeatedly tried and failed to overturn the court ruling. He has exhausted legal procedures available to fight the government’s effort to extradite him to India.
The breaking news takes us back to Netflix’s Bad Boy Billionaires: India edition, which dissected the rise and fall of Vijay Mallya in a one-hour documentary. From inheriting his father’s business at an early age to becoming the ‘King of Good Times’, thanks to Kingfisher Airlines at the dawn of the Millennium, Mallya has done it all till it all came crashing down at a meteoric rate.
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