Liquor businessman Vijay Mallya did not get permission to appeal against an order of the UK High Court on Wednesday by which the court docket refused to dismiss the insolvency proceedings initiated in reference to the debt of the closed Kingfisher Airlines.
This insolvency motion was initiated by a gaggle of Indian banks led by State Bank of India (SBI). The 65-year-old businessman, who’s out on bail within the UK, had filed a contemporary appeal against the order of the UK High Court, which allowed the chapter proceedings to be postponed till the Supreme Court of India selected the debt problem.
Mallya’s lawyer, Philip Marshall, argued that the financial institution’s chapter petition ought to be dismissed, not simply postponed, because the debt is disputed and is being intentionally pulled in Indian courts. Justice Colin Birs mentioned in the course of the listening to of the Appellate Division of the High Court in London, “Although this can be a new level (earlier than the appellate court docket), I do not settle for it as an affordable foundation for appeal, as a result of this Issues
Can be handled in the course of the listening to, which remains to be ongoing. “
Mallya’s attorneys additionally raised the problem of misuse of process by banks in relation to alleged undisclosed securities in India. However, the decide mentioned that it had already been dismissed. State Bank of India (SBI) led by 13 banks have filed chapter circumstances against Vijay Mallya. In this connection, Vijay Mallya’s property value round £ 29 million are deposited with the Court Funds Office (CFO).