Fugitive businessman Vijay Mallya declared bankrupt by UK High Court

Indian fugitive businessman Vijay Mallya has been declared bankrupt by UK High Court. This will pave the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by Vijay Mallya’s now-defunct Kingfisher Airlines by seizing his Indian assets. "As at 15.42 [UK time], I adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court Judge Michael Briggs said during a virtual hearing of the Chancery Division of the London High Court.