A consortium of Indian banks led by the State Bank of India on Tuesday moved a step closer in their attempt to recover debt from Vijay Mallya’s defunct Kingfisher Airlines.
This after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman’s assets in India.
Chief Insolvencies and Companies Court declared that there is no public policy that prevents a waiver of security rights, as argued by Mallya’s lawyers.
Mallya’s lawyers had referenced witness statements of retired Indian judges in previous hearings to reiterate that there is “public interest under Indian law” by virtue of the banks being nationalised.