Embattled businessman Vijay Mallya believes Indian banks pursuing bankruptcy proceedings against him in the English courts have assumed an unreal quality in the wake of Union Finance Minister Nirmala Sitharaman's recent statement in Parliament and has instructed his lawyers to pursue an annulment application.
The judge heard a set of complicated arguments involving a consortium of banks led by the State Bank of India (SBI) seeking repayment of an estimated judgment debt of around GBP 1.05 billion owed by the 69-year-old businessman's now-defunct Kingfisher Airlines.
It emerged as Justice Anthony Mann reserved judgment, to be handed down at a later date after hearings of three interlinked appeals related to Mallya's bankruptcy order concluded at the High Court in London this week.
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