Kingfisher tycoon Vijay Mallya loses bankruptcy appeal
Vijay Mallya, the fugitive former head of India’s United Breweries and United Spirits, has lost his appeal against being declared bankrupt. The post Kingfisher tycoon Vijay Mallya loses bankruptcy appeal appeared first on The Drinks Business.
Vijay Mallya, the fugitive former head of India’s United Breweries and United Spirits, has lost his appeal against being declared bankrupt.
Mallya, who fled to Britain in 2016 to avoid arrest and who has been convicted of fraud and money laundering in India, was found by the court to owe $1.28 billion to a group of Indian banks following the collapse of his Kingfisher Airlines in 2012.
The banks obtained a judgement against him in 2017, and Mallya alleges that the Indian financial authorities have seized assets worth almost double the original amount.
However, his appeal was thrown out by Judge Anthony Mann, who said in his ruling that “the bottom line …. Is that the bankruptcy order still stands.”
In 2020, Mallya lost his final legal appeal against extradition to India, where he faces immediate jailing.
Mallya, who fled to Britain in 2016 to avoid arrest and who has been convicted of fraud and money laundering in India, was found by the court to owe $1.28 billion to a group of Indian banks following the collapse of his Kingfisher Airlines in 2012.
The banks obtained a judgement against him in 2017, and Mallya alleges that the Indian financial authorities have seized assets worth almost double the original amount.
However, his appeal was thrown out by Judge Anthony Mann, who said in his ruling that “the bottom line …. Is that the bankruptcy order still stands.”
In 2020, Mallya lost his final legal appeal against extradition to India, where he faces immediate jailing.
