Vijay Mallya's bankruptcy: What it means for fugitive businessman, lenders

The Insolvencies and Companies Court of London High Court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws.

Legal experts explain what this means for 65-year old Mallya’s personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.

What are the consequences for Mallya, lenders:

As per British law, a bankruptcy trustee takes charge of a bankrupt person’s financial and physical assets, including his credit, debit cards, bank accounts, etc. The trustee