Fugitive businessman Vijay Mallya has approached the Karnataka High Court, demanding clarity from banks regarding the recovery of loans linked to his defunct Kingfisher Airlines. Mallya’s legal team asserts that while the original judgment debt was ₹6,203 crore, banks have already recovered ₹14,131.60 crore—more than double the adjudicated amount.
Read Also:- Supreme Court Highlights FIR Omission as Critical Evidence Under Section 11 of the Evidence Act
In a petition filed through senior advocate Sajan Poovayya, Mallya argued that the recovery process continues despite the substantial repayments. The court, led by Justice R. Devdas, has issued notices to banks and recovery officers to provide a detailed statement of recovered funds.
Background
The Debt Recovery Tribunal (DRT) had earlier fixed Kingfisher Airlines’ liability at ₹6,203 crore, including ₹1,200 crore in interest. However, Mallya claims banks have recovered ₹14,131.60 crore as of 2024, raising questions about the legality of pursuing further recovery.
Read Also:- Chhattisgarh High Court Acquits Arjun Singh Rajput in Murder Case Over Unreliable Dying Declaration
“Unless the ED and banks legally justify recovering over double the debt, I am entitled to relief. I will pursue this legally.”
— Vijay Mallya, via social media platform X
Mallya, currently residing in London amid India’s ongoing extradition efforts, insists he is being unfairly labeled an “economic offender” despite the repayments.
Finance Minister Nirmala Sitharaman recently highlighted the government’s success in recovering assets from high-profile economic offenders. During a debate on the Supplementary Demands for Grants (2024–2025), she revealed:
“Properties worth ₹22,280 crore have been restored in major economic cases, including ₹14,131.6 crore from Vijay Mallya. These funds were returned to public sector banks.”
The Enforcement Directorate (ED) continues its efforts to extradite Mallya, who faces charges of money laundering and loan default. While Indian authorities push for his return, Mallya’s legal team argues the recovery process lacks transparency.
Read Also:- Son-In-Law Ordered to Vacate Senior Citizen's Property: Madhya Pradesh High Court Ruling
Transparency in Recovery: Mallya’s petition demands banks disclose how ₹14,000 crore was recovered against a ₹6,203 crore debt.
Continued Legal Action: Despite repayments, banks and ED continue recovery efforts and asset seizures.
Interest Calculation: The inclusion of ₹1,200 crore in interest by the DRT remains contentious.
