In a relief to liquor baron Vijay Mallya, the High Court in London has delayed hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around GBP 1.145 billion from him.
Justice Michael Briggs of the insolvency department of the High Court gave relief to Mallya, ruling that he must be provided time till his petitions to the Supreme Court of India and his settlement proposition before the Karnataka High Court be identified, enabling him time to repay his financial obligations to the banks in full.
Chief Insolvency and Business Court judge Briggs, in his decision delivered on Thursday, stated there is no obvious advantage to the banks to pursue this class action at this point in time.
” This personal bankruptcy petition is by any step extraordinary. The banks are pressing for a bankruptcy order at a time when there are extant procedures in India,” read the judgment.
” In my judgment the banks are secured, a minimum of in part. The hearing of the petition need to be adjourned for the function of modification and for time to pay the debts in full,” it kept in mind.
A consortium of Indian