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Highlights:
• Mallya fled to the UK and owes more than ₹9,000 crores to the consortium of banks in principal and interest
• Vijay Mallya was earlier declared bankrupt by a British court, allowing Indian banks to pursue his assets worldwide
• He posted a tweet in which he accused the lenders pursuing of making him bankrupt
• Any right to appeal against the bankruptcy decision of the court has been denied to Mallya

Vijay Mallya was earlier declared bankrupt by a British court, allowing Indian banks to pursue his assets worldwide. He posted a tweet in which he accused the lenders pursuing of making him bankrupt. In the tweet, Mallya said that ED attaches his assets worth 14K crores at the behest of Govt Banks against debt of 6.2K crores and added that they restore assets to Banks that recover 9K crores in cash and retain security over 5K crores more. Mallya further said that banks asked Court to make him bankrupt as they may have to return money to the ED.

A statement was released by the UK high court press office which stated that the companies and court passed the ruling declaring Vijay Mallya bankrupt. The statement further added that 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. Any right to appeal against the bankruptcy decision of the court has been denied to Mallya.

Mallya fled to the UK and owes more than ₹9,000 crores to the consortium of banks in principal and interest. Mallya has been released on bail and was ordered extradited in December 2018 by the Westminster magistrate’s court in London. Mallya has repeatedly tried to overturn the court ruling but has failed constantly. Mallya has also exhausted legal procedures available to fight the government’s effort to extradite him to India.

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