State-owned banks petition in London court demanding Mallya's bankruptcy
New Delhi/IBNS: As many as 12 state-owned banks have petitioned in a London court to declare ex-billionaire Vijay Mallya bankrupt with over 1.15 million pounds in unpaid debts, according to reports.
The banks are led by State Bank of India and an asset management company. The lawyers of these banks have stated that Mallya hasn't paid a single penny towards the debt and they have reached the end of the road in this long battle against the tycoon.
Vijay Mallya faced faces fraud charges in India and is currently fighting an extradition suit to prevent his deportation to India. His appeal against extradition will be heard in February next.
He has been accused of wilfully defaulting on over Rs 91 billion accumulated by now-defunct Kingfisher airlines.
Mallya was arrested in 2017 after 17 banks accused him of not paying the debt.
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