Vijay Mallya's appeal against bankruptcy order in UK rejected
What's the story
Indian business tycoon Vijay Mallya has lost his appeal against a bankruptcy order by London's High Court.
The order was in connection to a debt of over £1 billion owed to a number of lenders, which includes the State Bank of India.
The decision comes years after a legal battle following the 2012 collapse of his airline company, Kingfisher Airlines.
Proceedings
Legal battle with lenders
Back in 2017, Indian banks won a judgment of over £1 billion against Mallya, who had guaranteed Kingfisher Airlines's loan.
The judgment was subsequently enforced in the UK and led to a bankruptcy order against him in 2021.
Though he appealed against the order earlier this year, his contention that the banks had already recovered assets to pay off the debt was rejected by Judge Anthony Mann of London HC.
Issues
Extradition battle continues for Mallya
Mallya, who also co-owned the Formula One racing team Force India, is currently contesting extradition to India. He faces fraud charges in connection with the collapse of Kingfisher Airlines.
His latest appeal against extradition was denied in 2020.
However, Judge Mann noted in his ruling that the extradition order "has still not been enforced."