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Relinquishing security in bankruptcy (State Bank of India and others v Mallya)

Published on: 18 June 2021
Published by: LexisPSL
  • Relinquishing security in bankruptcy (State Bank of India and others v Mallya)
  • What are the practical implications of this case?
  • What was the background?
  • What did the court decide?
  • Case details

Article summary

Restructuring & Insolvency analysis: Several Indian banks petitioned for the bankruptcy of Dr Mallya. The petition debt was based on an Indian judgment, but the petition, as originally presented, failed to disclose their security. The court therefore granted permission for the petitioners to amend the petition. The case underscores the fact that secured creditors can act on their security and later choose to relinquish their security in the event of a bankruptcy, without having to worry about whether they have surrendered the right to relinquish. Written by Karl Anderson, barrister at 4 Stone Buildings. or take a trial to read the full analysis.

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