PSBs want ex-billionaire Mallya to be declared bankrupt over $1.52 bn debt

Twelve state-owned Indian banks are petitioning for ex-billionaire Vijay Mallya to be declared bankrupt over 1.15 billion pounds ($1.52 billion) in unpaid debts.
The banks and an asset restructuring company, led by the State Bank of India, have taken the tycoon to a London court in what lawyers have described as “the end of the road” in their long-running battle. Mallya hasn’t paid anything toward the debt, the banks’ lawyers told the court Tuesday.
It comes as Mallya, who founded the now-defunct Kingfisher Airlines Ltd. faces extradition to his home country of India to face fraud charges. He was granted permission to appeal the decision, which will be heard in February.
The bankruptcy petition was brought in the UK because Mallya has lived there for around 20 years and owns a number of assets in the country, lawyer Marcia Shekerdemian told the court. These include a townhouse in London’s Regent’s Park thought to be worth more than 30 million pounds, a 13 million-pound mansion in Hertfordshire, three yachts and shares in Force India Formula One Team Ltd. Read More