Vijay Mallya Faces Bankruptcy, Is Over 10,000 Crore In Debt

Once, he was among the most well-known business magnates in India, a man with a dynamic youth appeal, someone who, perhaps may not be wrong to say, attracted attention if not respect in profundity.

And you cannot help but quote a famous truth-teller in the way the former business icon has fallen from grace: Oh, how the mighty have fallen!

Vijay Mallya has surely seen better days in his life, hasn’t he? Formerly, a resident of Bangalore in India and where it stands in the past few years, a resident of the United Kingdom, Vijay Mallya is currently languishing as we know.

But to make the matters worse, he is also now facing bankruptcy, where the latest piece of information on his life and current standing is concerned.

But all of that, you’d feel could be dealt with over a period of time, provided luck was on your side. But to add plight to his litany of woes, it doesn’t help his cause one bit that he’s approximately in debt of 10,000 crores.

Moreover, the banks, who are hounding him, have reported that he hasn’t paid anything to address the seemingly insurmountable debt mountain that now stands in front of him.

Importantly, it’s a mountain that looks may stay there for a while before something drastic is done to address it or get rid of it.

News reports at this time point to the exact nature of the problem confronting Mallya:

Twelve state-owned Indian banks are petitioning for ex-billionaire Vijay Mallya to be declared bankrupt over 1.15 billion pounds (over Rs 10,000 crore) in unpaid debts.

The banks and an asset restructuring company, led by the State Bank of India, have taken the tycoon to a London court in what lawyers have described as “the end of the road” in their long-running battle. Mallya hasn’t paid anything toward the debt, the banks’ lawyers told the court Tuesday.

It comes as Mallya, who founded the now-defunct Kingfisher Airlines Ltd., faces extradition to India to face fraud charges. He was granted permission to appeal the decision, which will be heard in February.

All of that said, it’s important to note that the bankruptcy was filed in the UK, the petition brought to the United Kingom, because Vijay Mallya, formerly the Kingfisher tycoon, has been living here for the past two decades.

Interestingly, he also happens to own a number of assets here in the Queen’s England.

Surely, if he takes one step in India, he is going to be hounded and for good. He’s been called a wilful defaulter- which basically translates into the fact that he is someone who, despite having the means to pay the loans, disagrees to pay them.

Here’s some recapturing of the arrest of Dr. Vijay Mallya- He was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on more than 91 billion rupees ($1.3 billion) in debt accumulated by Kingfisher Airlines, which shut down in 2012.

It doesn’t seem that life is going to get any better for a man who currently finds his image tarnished, a reputation that has gone up in tatters.