Fugitive businessman Vijay Mallya has challenged debt recovery proceedings in Karnataka High Court. He argues that banks have recovered the principal debt “multiple times over” in the Kingfisher Airlines case. Mallya is seeking a detailed account statement from the banks on the recovered amounts.
Justice R Devdas of the Karnataka High Court has issued notices to 10 banks, including major institutions like State Bank of India and Punjab National Bank, as well as to a recovery official and an asset reconstruction company.
Mallya’s advocate, Sajan Poovayya, claims Kingfisher Airlines owed ₹6,200 crore, but banks recovered ₹14,000 crore. Poovayya cites the finance minister and a loan recovery officer in support; they stated that ₹10,200 crore was recovered, as confirmed in the Lok Sabha.
Mallya is currently requesting a halt to additional recovery efforts by the banks and a detailed statement of debts owed by him and UBHL, Kingfisher Airlines’ parent company. Last December, he stated on social media that banks had reclaimed more than double the ₹6,203 crore determined by the Recovery Tribunal, with interest included.
Mallya, living in the UK since fleeing India in 2016, faces fraud and money laundering accusations for owing Indian banks around ₹9,000 crore. The CBI accuses him in the IDBI Bank-Kingfisher Airlines case, with extradition efforts ongoing to bring him back for trial in India.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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