India, April 11 -- Disgraced business tycoon Vijay Mallya lost an appeal in the London High Court on Wednesday against a July 2021 bankruptcy order. This concerns the £ 1.28 billion debt that he owes to lenders including the State Bank of India.

In 2018, Mallya had been declared bankrupt by Chief Insolvency and Companies Court Judge Briggs in London following a petition filed by the Indian banks. The bankruptcy petition against Mallya was made based on the personal guarantee he had given to lenders for loans to the now-defunct Kingfisher Airlines. However, following objections by Mallya the Insolvency and Companies court ruled in April 2020 that the banks held security over Mallya's assets. This meant that the banks would have acces...