Indian banks have moved the High Court in London to hear the bankrupt application against fugitive businessman Vijay Mallya. A consortium of Indian banks led by State Bank of India (SBI) to recover the loan given to Mallya's closed Kingfisher Airlines.
The retired judges of the Indian Supreme Court as expert witnesses. The banks said that they have got the right to waive the given security. After leaving the security, banks will be able to recover debt from Mallya's assets in London.
At the same time, Mallya's lawyer argues that the money of public sector banks in India is not private, but it is public property. In such a situation, they do not have the right to leave security. On behalf of the banks, barrister Marcia Shekardamian said, "As a commercial entity, it is the right of the banks to decide what security they hold."
In this case, Marcia asked the questions of retired Justice Deepak Verma appearing on behalf of Mallya through a video link. Justice Verma says that Indian banks can not apply their security and apply for a bankrupt order as per British law.