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SBI Looks to Bring Vijay Mallya Before UK Bankruptcy Court
May 31, 2018
Photo credit: Royal Challengers Bangalore on Visual hunt/ CC BY-NC-SA
In the fight for the recovery of bad loans from airline tycoon Vijay Mallya, public sector State Bank of India (SBI) is preparing to initiate bankruptcy proceedings against him in the UK, sources said.
They said that they will “fight tooth and nail to recover the money” from him. They also said that banks have managed to freeze his international assets and once the legal action has been taken, they expect to recover a substantial amount from him.
SBI is fighting against Mallya to recover dues to the tune of over Rs. 9,000 crores. So far, the banks have been able to recover Rs. 350 crores from the sale of his assets.
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