Indian Tycoon Can't Halt £1B UK Bankruptcy Amid Fraud Fight

Law360, London (January 13, 2021, 3:50 PM GMT) -- An English judge refused on Wednesday to toss bankruptcy proceedings against an Indian businessman accused of defrauding lenders overseas, saying his lawyers will have an opportunity at a later date to explain how he plans to repay more than £1.05 billion ($1.43 billion).

High Court Judge Colin Birss rejected a bid by Vijay Mallya's lawyers to dismiss the bankruptcy petition filed by more than a dozen Indian state-run lenders pursuing the businessman over his airline empire, which is now defunct.

The judge said the bankruptcy court will decide whether a proposed settlement offloading Mallya's shares in Indian companies will repay the...

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