Trustee in Bankruptcy cleared to recover £1.05 bn owed to SBI-led consortium; annulment hearing vacated

xLondon : Vijay Mallya, wanted in India to face trial on fraud and money laundering charges, has discontinued an application to annul a UK bankruptcy order ahead of a planned hearing in London on Monday. It means the "Trustee in Bankruptcy" can continue to pursue assets to help a consortium of banks led by the State Bank of India (SBI) realise the repayment of an estimated judgment debt of around 1.05 billion pounds owed by the 69-year-old's now-defunct Kingfisher Airlines.

A High Court hearing to set the directions for the annulment application to be heard was vacated after Mallya's legal team filed a notice of discontinuance last week.

Vijay Mallya's Trustee in Bankruptcy will be a

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