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Current Affairs

Bankruptcy order against Vijay Mallya

Date: 29 July 2021 Tags: India & World

Issue

A bankruptcy order was issued by the Insolvency and Companies Court of the London high court against fugitive liquor baron Vijay Mallya.

 

Background

Mallya had fled India before being implicated in a Bank fraud case. He is fighting case against his extradition in UK court.

 

Details

  • A bankruptcy trustee will take into its possession all the credit and debit cards owned by Mallya, including his remaining assets.

  • His assets and liabilities will be investigated by the trustee. After the evaluation, the debts incurred by Mallya towards the banks will be paid off.

 

The case

  • Mallya-owned Kingfisher Airlines was involved in an Rs 10,000 crore default case with more than a dozen banks of India.

  • The SEBI and ED had started investigation against Mallya after the company had failed and owed banks crores.

 

Banks involved

Federal Bank, IDBI Bank, SBI, State Bank of Mysore, Jammu and Kashmir Bank, Corporation Bank, Bank of Baroda, Indian Overseas Bank, PNB, Punjab and Sind Bank etc.

 

Charges against Mallya

  • Money laundering, criminal conspiracy, cheating, diversion of funds etc are some of the charges he is facing.

  • Kingfisher Airlines company faces charges of violation of The Companies Act, 2013, which was laid down by SEBI.