In a relief to Liquor businessman Vijay Mallya, the High Court in London adjourned the hearing on a plea of a group of Indian banks led by SBI to declare a debt-ridden businessman insolvent so that around 1.145 billion of Debt can be recovered.
Judge Mike Briggs of the High Court's insolvency branch gave relief to Mallya, saying that he should be given time until his petitions in the Supreme Court of India and his proposal for settlement before the Karnataka High Court are settled.
Judge Briggs of the 'Chief Insolvency and Company Court' in his judgment on Thursday said that at this time there is no reason for banks to have the opportunity to pursue such action. Significantly, a group of Indian public sector banks under the leadership of State Bank of India have requested to declare Mallya bankrupt to recover the debt of around £ 1.145 billion owed to him.
