Vijay Mallya has been charged with defaulting on bank loans to the tune of Rs 9,000 crore.
The Supreme Court on Monday said that Vijay Mallya cannot use pendency of his plea in the top court to stall insolvency proceedings initiated against him in other jurisdictions.
A bench headed by Chief Justice S A Bobde passed the order after the Centre told the top court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings.
Vijay Mallya had approached the top court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives. Vijay 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.