Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC

The Supreme Court on Monday said that Vijay Mallya cannot use the pendency of his plea in the apex court to stall insolvency proceedings initiated against him in other jurisdictions.

A bench headed by Chief Justice SA Bobde passed the order after the Centre told the Supreme Court that Mallya used pendency of his plea to stall a UK court from delivering verdict in insolvency proceedings.

Mallya had approached the Supreme Court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.

Mallya, who is currently in the UK, has been charged by the Enforcement Directorate (ED) with defaulting on bank loans to the tune of Rs 9,000 crore. He is also facing an extradition trial in the UK.