In a relief to liquor baron Vijay Mallya, the High Court in London on Thursday has deferred hearings on a plea by the SBI-led consortium of Indian banks. The court said that Mallya should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full. There is no obvious advantage to the banks to pursue this class action at this point in time, the court added. A consortium of Indian public sector banks led by the SBI had sought a bankruptcy order against Mallya.
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