A consortium of Indian banks, led by State Bank of India, on Wednesday won their court appeal in London to uphold a bankruptcy order against Vijay Mallya in a long-standing legal battle seeking repayment of a judgment debt owed by his now-defunct Kingfisher Airlines . "The banks' pleaded position on security was one which they were entitled to adopt," Justice Mann ruled. "The bottom line in relation to this is that the bankruptcy order stands," he concludes.Law firm TLT LLP, representing the banks, noted that the ruling confirmed the banks did not hold security over Mallya's assets and that the bankruptcy petition was correct. Mallya had opposed this amendment, arguing it was contrary to Indian law and public policy. However, in April 2021, the ICC ruled that the amendment was not contrary to Indian law or public policy.
