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  Business   Companies  06 Jan 2020  Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC

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

PTI
Published : Jan 6, 2020, 1:49 pm IST
Updated : Jan 6, 2020, 1:49 pm IST

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

Mallya 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.
 Mallya 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.

New Delhi: 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.

Tags: vijay mallya, supreme court, insolvency
Location: India, Delhi, New Delhi