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ICC’s final statements on the bankruptcy
Chief Insolvency and Companies Court (ICC) judge Briggs declares, “There is no evidence he will go back to India to face trial so I find insufficient evidence he will pay the debt in full in a reasonable period. I shall adjudicate Dr. Mallya bankrupt.”
According to the final declaration, the person declared bankrupt must cooperate with the trustee. All his bank accounts will have to be frozen, apart from money to buy essentials.
Furthermore, he is banned from acting as a director of a company or creating a company without the court’s permission, or borrowing more than 500 Pounds without declaring he is bankrupt.
Vijay Mallya, chairman of UB Group lost all his court battles against extradition to Indian in May 2020 and has still not returned to India will now have to hand over all his assets. His name will appear on the Individual Insolvency Register where billionaire steel magnate Lakshmi Mittal’s brother Pramod Mittal, too, is listed.
Mallya’s representatives on the court declaration
Philip Marshall QC, representing Mallya, had his application for a stay on the bankruptcy and permission to appeal rejected by Judge Briggs, who said they had no real prospect of success.
Marshall argues for the dismissal of the court’s petition for bankruptcy.
According to Marshall “there are several other assets which although not yet realized are held with the DRT officer and can be realized”. He also claims that in the interest rate challenge the banks are not treating Mallya equally to other Indian citizens who owe the banks similar amounts, breaching Article 14 of the Indian Constitution.
At the same time, representing the banks instructed by TLT LLP in London, Marcia Shekerdemian QC says, “The only thing to bring this mess to an end id Mallya coming back to India to face trial and quite bizarrely his lawyers are asking when is he coming back.”