Peter Kerkar's defence strategy fails in UK high court

The court ruled that the bankruptcy process against Peter Kerkar can continue.

- TARUN NANGIA

The UK High Court has dismissed Peter Kerkar's pleas against SSG Capital and one of its founders, Shyam Maheshwari, and ruled that his personally bankruptcy proceedings can continue in UK, while holding there is no or insufficient evidence to support the allegations made by Kerkar to satisfy the court that there is a real prospect of success.

In the case of personal bankruptcy filed by SSG Capital, which was being defended by Mr. Peter Kerkar citing fraud by the creditors, the UK High court gave its ruling recently. The process which spanned over 18 months involving multiple filing and full day court hearing, the court ruled that the bankruptcy process against Peter Kerkar can continue. We have perused the Judgment by Judge Burton and it goes into details and deals with all evidence tendered and allegations raised by Peter Kerkar before dismissing the same and allowing bankruptcy to proceed.

The court ruled that Kerkar submissions of allegation of fraud against the creditors and its employees is all surmise, based on his unsubstantiated belief that Maheswari, as the controller behind all SSG entities, is somehow responsible for PHUK's inability to repay monies it borrowed from SSG, which Peter Kerkar guaranteed. The court also said that no further investigation is warranted as there is no reasonable chance of any success.