Vijay Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC

By: |
Published: January 6, 2020 11:58:43 AM

Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.

Vijay Mallya, scVijay Mallya

The Supreme Court on Monday said that Vijay Mallya cannot use pendency of his plea in the apex court to stall insolvency proceedings initiated against him in other jurisdictions.

A bench headed by Chief Justice S A Bobde passed the order after the Centre told the top court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings.

Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.

Mallya, who is currently in the UK, has been charged by the Enforcement Directorate (ED) with defaulting on bank loans to the tune of Rs 9,000 crore. He is also facing an extradition trial in the UK.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1All is not lost! UCO Bank recovers Rs 800-Rs 900 crore from four stressed accounts
2RBI okays this benefit to J-K bank borrowers hit by events after scrapping of Article 370
3Syndicate Bank taking steps for smooth functioning of branches on January 8