Indian tycoon Vijay Mallya staves off bankruptcy as his empire crumbles – The National

Indian tycoon Vijay Mallya staves off bankruptcy as his empire crumbles – The National

But 12 years later, as he fights extradition to India for fraud and money laundering, the story of his high-class bolthole has shed light on his crumbling financial empire - and the desperate efforts of creditors to get back their money.. Judge Michael Briggs said in a ruling published on Thursday that the tycoon should be given time for his own counter settlement offer to work its way through the Indian legal system.. Some of the money from the loans for the airline was pumped into a vanity project, his Formula One team, which collapsed in 2011.. It was "running out of money" as it struggled from the impact of high fuel prices and a price war during the carnage of the 2008 financial crisis, according to court papers.. In January 2018 the yacht, Force India, was seized in the south English port of Southampton and a judge ordered its sale to pay off the debts.. The payment cleared the way for the sale of the island estate, which was being marketed for $51 million, to a Swiss luxury property firm.. The bankruptcy ruling, published on Thursday, said that Mr Mallya claimed the sale of his brewing assets and other