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The
court ruled in favor of a group of creditor banks, owed money by
Mallya's now-defunct Kingfisher Airlines, and who had argued
they had the 'first right' to that money.
Kingfisher, which stopped flying more than three years ago, had
$1.4 billion in debts as of September 2013, according to
corporate filings from the time.
Mallya said in a statement on Sunday that he was in talks with
banks for a one-time settlement of Kingfisher's debt, adding
that he had no plans to run away from his creditors.
(Reporting by Derek Francis and Sudarshan Varadhan; Writing by
Devidutta Tripathy; Editing by Clara Ferreira Marques)
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