Mallya Claims: Debt Recovered Multiple Times!

Aakhir Tak – In Shorts

Vijay Mallya has approached the Karnataka High Court claiming that banks recovered the “principal debt amount multiple times over” in the Kingfisher Airlines loan default case. Mallya sought directions to the banks to provide an account statement of the recovered amount. Justice R Devdas issued notices to 10 banks. Mallya’s lawyer said that while Kingfisher Airlines owed around Rs 6,200 crore, Rs 14,000 crore has already been recovered. Mallya faces extradition to India.

Aakhir Tak – In Depth

Vijay Mallya Claims Banks Recovered Debt Multiple Times Over, Approaches Court

Fugitive liquor baron Vijay Mallya has approached the Karnataka High Court (Karnataka High Court) claiming that banks recovered the “principal debt amount multiple times over” in the Kingfisher Airlines loan default case. In his petition, Mallya sought directions to the banks to provide an account statement of the recovered amount. This Vijay Mallya case has taken a new turn.

Justice R Devdas issued notices to 10 banks, including SBI and Punjab National Bank, a recovery official, and an asset reconstruction company. Senior advocate Sajan Poovayya, representing Mallya, said that while Kingfisher Airlines owed around Rs 6,200 crore in debt, Rs 14,000 crore has already been recovered. “The Finance Minister informed the Lok Sabha about this, while the loan recovery officer mentioned that Rs 10,200 crore had been recovered. Even though the full loan amount has been settled, the recovery process is still ongoing,” the advocate said. Considering the seriousness of this Vijay Mallya issue, the court issued the notices.

Mallya sought an interim stay on any further recovery action by the banks and a direction to provide a statement for all amounts owed by him and United Breweries Holdings, the holding company of Kingfisher Airlines. Last year, the fugitive liquor baron, who fled to Britain in 2016, claimed in an X post that banks had recovered over twice the Rs 6,203 crore debt ordered by the Debt Recovery Tribunal. He also cited Finance Minister Nirmala Sitharaman’s statement in Lok Sabha that properties worth Rs 14,131.6 crore belonging to Mallya were restored to the banks.

The fugitive businessman has been named as an accused in the IDBI Bank-Kingfisher Airlines loan fraud case by the CBI. Proceedings are underway to bring Mallya back to India to face trial. He remains a controversial figure in India, symbolizing corporate fraud and financial mismanagement.

Aakhir Tak – Key Takeaways to Remember

Vijay Mallya claims banks recovered debt multiple times over in court. Kingfisher Airlines loan default case. Mallya sought an account statement from the banks. Mallya faces potential extradition to India.

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