London: A group of Indian banks led by the State Bank of India has again approached the London High Court against the fugitive liquor businessman Vijay Mallya. The case relates to the recovery of loans given to closed Kingfisher Airlines. Chief Justice Michael Briggs of the bench hearing the insolvency and company matters on Friday heard the case through video contact.
During this time, retired judges of the Supreme Court of India on behalf of both Mallya and the group of banks made arguments in favor and opposition to the legal status of both. Both sides presented their arguments in opposition to the insolvency order against Mallya in Britain.
The banks claimed to have the right to leave the copy of their Indian assets to recover money from Mallya in Britain. In contrast, Mallya’s lawyer said that public sector banks in India are not allowed to give up their right to securities because they have public money.
Advocate Marcia Shekhardemian, appearing for the group of banks, stated that “as a commercial entity, banks have the right to take commercial decisions when they wish to own their rights over the assets they hold.”
He opposed the contention of retired Judge Deepak Verma appearing on behalf of Mallya that banks could not adopt the insolvency process under UK law by relinquishing their rights to Indian assets held by them.
