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NRIPage | Articles | Vijay Mallya Claims Banks Have Recovered Multiple Times Over Kingfisher Airlines Loan | Get AI & Robotics News. Innovating the Future of Technology around the world - NRI Page
Vijay Mallya, the fugitive liquor baron, has approached the Karnataka High Court, claiming that banks have recovered the "principal debt amount multiple times over" in the Kingfisher Airlines loan default case. In his petition, Mallya has sought directions from the banks to provide a statement of the recovered amount.Justice R Devdas issued notices to 10 banks, including State Bank of India (SBI) and Punjab National Bank (PNB), a recovery official, and an asset reconstruction company in response to Mallya's petition.
Senior advocate Sajan Poovayya, representing Mallya, argued that while Kingfisher Airlines owed around Rs 6,200 crore in debt, Rs 14,000 crore had already been recovered. He further highlighted that Finance Minister Nirmala Sitharaman had informed the Lok Sabha about the recovery, and that the loan recovery officer mentioned that Rs 10,200 crore had been recovered. Despite these recoveries, the recovery process is still ongoing, Poovayya said.Mallya also sought an interim stay on any further recovery actions by the banks and a directive to provide a statement outlining all amounts owed by him and United Breweries Holdings, the holding company of Kingfisher Airlines.
Last year, Mallya, who fled to the UK in 2016, posted on X (formerly Twitter) claiming that banks had recovered more than twice the Rs 6,203 crore debt originally ordered by the Debt Recovery Tribunal. He also cited a statement from Finance Minister Nirmala Sitharaman, which mentioned that properties worth Rs 14,131.6 crore belonging to Mallya were restored to the banks.The Central Bureau of Investigation (CBI) has named Mallya as an accused in the IDBI Bank-Kingfisher Airlines loan fraud case. Legal proceedings are ongoing to extradite Mallya back to India to face trial.
