Wed Apr 09 12:59:08 UTC 2025: ## Indian Banks Win Appeal, Upholding Mallya’s Bankruptcy

**London, April 9, 2025** – A consortium of Indian banks, led by the State Bank of India, has successfully defended a bankruptcy order against Vijay Mallya in a London court. The High Court ruled in favor of the banks, rejecting appeals filed by the 69-year-old businessman, who is wanted in India on fraud and money laundering charges.

Justice Anthony Mann upheld the bankruptcy order, stating the banks were entitled to their position on security. The ruling confirms that the banks did not hold security over Mallya’s assets, validating the bankruptcy petition. The court also determined that asset realisations by the Enforcement Directorate (ED) were conditional and didn’t discharge the debt.

The case stems from a 2017 judgment by the Debt Recovery Tribunal (DRT) in India, which awarded the banks GBP 1.12 billion based on Mallya’s personal guarantee for loans to his defunct Kingfisher Airlines. A bankruptcy petition followed in 2018, leading to a 2020 ruling that was later appealed and concluded with Wednesday’s decision.

Mallya’s lawyer, Leigh Crestohl, stated that his client intends to vigorously pursue an annulment application in the U.K. court and legal action in India to compel the banks to provide a full accounting. Mallya remains on bail in the U.K., pending the resolution of a separate legal matter. The banks, represented by TLT LLP, expressed satisfaction with the outcome, highlighting the significance of the ruling for their recovery efforts.

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