"As at 15.42 [UK time], I adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the High Court here. The Indian banks, represented by the law firm TLT LLP and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks. His barrister, Philip Marshall, sought a stay as well as an adjournment of the order while legal challenges remain ongoing in the Indian courts. He also put forward an application seeking permission to appeal against the bankruptcy order, which Judge Briggs refused as there was no "real prospect of success" of an appeal. Mallya’s legal team contended that the debt remains disputed and that the ongoing proceedings in India inhibited a bankruptcy order being made in the UK.

Source: Mint July 26, 2021 15:22 UTC