Indian-origin steel tycoon Pramod Mittal, brother of Lakshmi Mittal, has withdrawn his second appeal against his bankruptcy order on Thursday, minutes before the hearing was due to commence, it is reported.
The 64-year-old tycoon had been very unwell and had been hospitalised for Covid-19 and pneumonia the chancery division of the high court heard. He was declared bankrupt by the London high court in June earlier this year after failing to settle a judgment debt against him of $166 million which led to Moorgate Industries UK, to whom he owes the debt that arose from a personal guarantee, presenting the bankruptcy petition.
The Times of India reported, that Kate Rogers, representing Moorgate Industries UK, said, “Moorgate considers it unfortunate this notice has come at the eleventh hour without us having the opportunity to ask which position Mr Mittal is going to adopt with regards to his assets.” She then requested Moorgate’s costs be paid for costs be paid for the hearing, which Justice William Trower agreed. He said, “This is a bankruptcy of some complexity on any view and there is so much money at stake.”
