Proposal for a court sanctioned compromise and failure to note security result in adjournment of bankruptcy petition of not less than six months
The Petitioning Creditors, being 12 banks and an asset restructuring company, petitioned for the bankruptcy of Dr Mallya, an Indian national living in the UK with indefinite leave to remain. The petition debt was based on a judgment made in the Debt Recovery Tribunal (“DRT”) in Bangalore on 19 January 2017 and registered in England and Wales on 24 November 2017.