Beer Tycoon Delays Bankruptcy As Bank Fight Turns To India – Law360

Law360, London (April 9, 2020, 6:59 PM BST) -- A London judge on Thursday paused extraordinary bankruptcy proceedings against an Indian magnate facing extradition from the U.K. on fraud charges, saying he has to be given a chance to settle his 1.05 billion ($1.3 billion) debt with several banks in India.

High Court Judge Michael Briggs adjourned the banks effort to bankrupt Vijay Mallya as a prelude to seizing his assets in the U.K., ruling that theyre trying to claw back their debts even though the businessman has launched a number of legal fights in India.

One of those challenges could see Indias Supreme Court produce a settlement between Mallyas...

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Beer Tycoon Delays Bankruptcy As Bank Fight Turns To India - Law360