A Chancery Division of the High Court in London on Monday, 26 July, declared businessman Vijay Mallya as bankrupt.
Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs ruled, "As at 15:42 (UK time), I adjudicate Dr Mallya bankrupt," PTI reported.
This ruling paves the way for a consortium of Indian banks, headed by the State Bank of India (SBI) to begin recovering the debt owed by the now-defunct Kingfisher Airlines.
Represented by the law firm TLT LLP and barrister Marcia Shekerdemian, the association of India banks had sought for the bankruptcy order against the former businessman.
Mallya has been absconding and is wanted in connection with a money laundering case registered against him, in which a case has been filed against Kingfisher Airlines.
Foreign Secretary Harsh Vardhan Shringla had earlier said India has received the 'best assurance' from the UK government regarding businessman's extradition.
(With inputs from PTI)
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