London: Fugitive billionaire Vijay Mallya misplaced chapter petition in UK Excessive Court docket as Chief Insolvencies and Corporations Court docket (ICC) Decide Michael Briggs handed down his judgment in favour of the banks to declare there isn’t a public coverage that forestalls a waiver of safety rights.
This choice will take a consortium of Indian banks led by the State Financial institution of India (SBI) a step nearer of their try to get better debt from loans paid out to Mallya’s now-defunct Kingfisher Airways.
Mallya’s barrister Philip Marshall had referenced the witness statements of retired Indian judges in earlier hearings to place forth his assertion that there’s public curiosity beneath Indian legislation by advantage of the banks being nationalized.
Justice Briggs, nevertheless, discovered no obstacle to the collectors relinquishing their safety beneath Indian legislation due to the engagement of a precept regarding public curiosity and favoured the submissions made by retired Indian Supreme Court docket choose Gopala Gowda at a listening to in December 2020 on this regard, PTI reported.
The Indian banks, represented by the legislation agency TLT LLP and barrister Marcia Shekerdemian, had been additionally granted prices in totality for the petition hearings.
The liquor baron has been dwelling within the UK since he fled India on March 2, 2016.