The fugitive Indian businessman was declared bankrupt by the London High Court on Monday. After this decision, Indian banks will be able to easily take over the properties of Vijay Mallya. A consortium of Indian banks led by the State Bank of India filed a petition against Mallya in the British Court. In this petition, there was a demand to declare Mallya insolvent for recovery of loan given to Kingfisher Airlines of Mallya.
[Attribution to NBT]