State Bank of India & Ors v Mallya & Ors [2019] EWHC 995 (QB) (17 April 2019)

State Bank of India & Ors v Mallya & Ors [2019] EWHC 995 (QB) (17 April 2019)

The failure to disclose the existence of bankruptcy proceedings and other matters was not material to the grant of the ITPDO, given the strength of the grounds for the order and compliance with procedural requirements. The existence of bankruptcy proceedings is a relevant factor for the court's discretion but does not preclude making the ITPDO final. However, in the circumstances, the application for a final order should be adjourned until after the hearing of the bankruptcy petition.

Citation
[2019] EWHC 995 (QB)
Parties
Claimant: State Bank of India & Others; First Defendant: Dr Vijay Mallya; Second Defendant: Ladywalk LLP; Third Defendant: Rose Capital Ventures Limited; Fourth Defendant: Orange India Holdings S. A. R. L.; Third Party: ICICI Bank UK PLC
Jurisdiction
England and Wales
Judgment Date
17 April 2019
Procedural Posture
Third Party Debt Order Application / Hearing of Application for Final Order Following Interim Third Party Debt Order
Outcome
Application for final third-party debt order adjourned; interim order to remain in force.
Legal Topics
Third Party Debt Orders, Bankruptcy Proceedings, Disclosure Obligations, Enforcement of Foreign Judgments
Civil Procedure Insolvency Banking Law Third Party Debt Orders Bankruptcy Proceedings Disclosure Obligations Enforcement of Foreign Judgments

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Parties

State Bank of India & Others

Claimant

Dr Vijay Mallya

First Defendant

Ladywalk LLP

Second Defendant

Rose Capital Ventures Limited

Third Defendant

Orange India Holdings S. A. R. L.

Fourth Defendant

ICICI Bank UK PLC

Third Party

Procedural Posture

Third Party Debt Order Application / Hearing of Application for Final Order Following Interim Third Party Debt Order

Legal Issues

  1. 1 Whether the interim third-party debt order (ITPDO) should be set aside for non-disclosure
  2. 2 Whether the ITPDO should be made final in light of ongoing bankruptcy proceedings

Ratio Decidendi

The failure to disclose the existence of bankruptcy proceedings and other matters was not material to the grant of the ITPDO, given the strength of the grounds for the order and compliance with procedural requirements. The existence of bankruptcy proceedings is a relevant factor for the court's discretion but does not preclude making the ITPDO final. However, in the circumstances, the application for a final order should be adjourned until after the hearing of the bankruptcy petition.

Court Disposition

Application for final third-party debt order adjourned; interim order to remain in force.

Orders

  • The interim third-party debt order remains in force.
  • The application for a final third-party debt order is adjourned until after the hearing of the bankruptcy petition.