PSBs want ex-billionaire Mallya to be declared bankrupt over $1.52 bn debt

He was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on more than Rs 91 billion

Twelve state-owned Indian banks are petitioning for ex-billionaire Vijay Mallya to be declared bankrupt over 1.15 billion pounds ($1.52 billion) in unpaid debts.

The banks and an asset restructuring company, led by the State Bank of India, have taken the tycoon to a London court in what lawyers have described as “the end of the road” in their long-running battle. Mallya hasn’t paid anything toward the debt, the banks’ lawyers told the court Tuesday.

It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd., faces extradition to his home country of India to face fraud charges. He was granted permission