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Pendency of Plea In SC No Excuse To Seek Stay In Insolvency Proceedings In UK, Says SC To Vijay Mallya

By Lawstreet Bharat      07 January, 2020 12:01 PM      0 Comments
Pendency of Plea In SC No Excuse To Seek Stay In Insolvency Proceedings In UK, Says SC To Vijay Mallya

The Supreme Court on Monday, January 6, 2019, issued a pertinent statement saying that Vijay Mallya cannot use pendency of his plea in the Apex Court as an excuse to stay insolvency proceedings against him in other jurisdictions like the United Kingdom. A bench headed by Chief Justice SA Bobde passed the order after it came to know that Mallya used pendency of his plea in India to stall the UK court from delivering a verdict in insolvency proceedings against him.

On July 27, 2019, Mallya’s lawyer had approached the court pursing a stay on the seizing of properties owned by him and his relatives. Vijay Mallya who is currently residing in the United Kingdom has been imposed with non-payment of bank debts amounting to Rs 9,000 crores which was discovered by the Enforcement Directorate. An extradition trial is also pending against him in the courts of UK.

A court in UK last month had guarded its judgement on a plea by an association of Indian public sector banks headed by State Bank of India (SBI) seeking an order against bankruptcy against Kingfisher head and former Member of Parliament in an attempt to bring back outstanding loans. Judge Michael Briggs restrained his decision in the insolvency department.

Mallya currently is on bail concerning the hearing in the extradition proceeding brought in India relating to fraud and money laundering charges. He has been fighting his extradition since April, 2017. He was granted permission to appeal against his extradition order, which is scheduled to be heard in the Royal Courts of Justice in London in February, 2020.

Author: Smriti Arvind

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