London, May 18: A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the businessman's assets in India.

Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers.슬롯 머신 사이트 추천S Jaishankar Raised Vijay Mallya's Extradition, UK Not Giving Details: Centre to Supreme Court.

At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against Mallya after the banks accused him of trying to 슬롯사이트kick matters into the long grass슬롯사이트� and called on the 슬롯사이트bankruptcy petition to be brought to its inevitable end슬롯사이트�.

슬롯사이트I order that permission be given to amend the petition to read as follows: 슬롯사이트The Petitioners (banks) having the right to enforce any security held are willing, in the event of a bankruptcy order being made, to give up any such security for the benefit of all the bankrupt's creditors',슬롯사이트� Justice Briggs' judgment reads.

슬롯사이트There is nothing in the statutory provisions that prevent the Petitioners from giving up security,슬롯사이트� he notes.

Mallya's barrister, Philip Marshall, had referenced witness statements of retired Indian judges in previous hearings to reiterate that there is 슬롯사이트public interest under Indian law슬롯사이트� by virtue of the banks being nationalised.

However, Justice Briggs found no impediment to the creditors relinquishing their security under Indian law because of the engagement of a 슬롯사이트principle concerning public interest슬롯사이트� and favoured the submissions made by retired Indian Supreme Court judge Gopala Gowda at a hearing in December 2020 in this regard.

슬롯사이트In my judgment the simple stance taken by Justice Gowda that Section 47 PIA 1920 is evidence of the ability of a secured creditor to relinquish the creditor's security is to be preferred,슬롯사이트� the ruling notes.

The Indian banks, represented by the law firm TLT LLP and barrister Marcia Shekerdemian, were also granted costs in totality for the petition hearings, as the 슬롯사이트overall successful슬롯사이트� party in the case.

슬롯사이트Dr Mallya should have been extradited by now. He was refused permission to go to the Supreme Court in May last year,슬롯사이트� Shekerdemian pointed out, in reference to one of Mallya's defence planks that the cases against him are 슬롯사이트politically motivated슬롯사이트�.

The 65-year-old businessman remains on bail in the UK while a 슬롯사이트confidential슬롯사이트� legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.

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