Business News | Vijay Mallya Moves Karnataka High Court, Seeks Loan Recovery Accounts from Banks
Get latest articles and stories on Business at LatestLY. Mallya's counsel has argued that the loan recovery officer stated that Rs10,200 crore has been recovered. He claimed that even though the full loan amount has been cleared, the process is still ongoing. Therefore, a request has been made to direct the banks to provide a statement of the recovered loan amount.
Bengaluru (Karnataka) [India], January 5 (ANI): Fugitive businessman Vijay Mallya has filed a petition in the Karnataka High Court seeking loan recovery accounts from banks. Senior advocate Sajan Poovayya appeared on behalf of Mallya.
According to Mallya's counsel Rs 6,200 crore was to be repaid, but Rs 14,000 crore has been recovered. Mallya's counsel claimed that this was informed to the Lok Sabha by the Finance Minister.
Mallya's counsel has argued that the loan recovery officer stated that Rs10,200 crore has been recovered. He claimed that even though the full loan amount has been cleared, the process is still ongoing. Therefore, a request has been made to direct the banks to provide a statement of the recovered loan amount.
Based on Mallya's petition a notice was issued to banks and loan recovery officers by the High Court bench led by Justice R Devadas.
Mallya is currently living in London and he is the subject of extradition efforts from the Government of India for alleged loan defaults.
Earlier on December 18, 2024, Vijay Mallya had claimed that banks have recovered Rs 14,131.60 crore from him "against the judgement debt of Rs 6203 crore" but he continues to be "an economic offender".
He said in a post on X that unless the Enforcement Directorate and banks can legally justify how they have taken more than two times the debt, he is entitled to relief.
"The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to relief which I will pursue," Mallya said.
Finance Minister Nirmala Sitharaman had listed several major cases where the Enforcement Diectorate has from time to time attached properties of individuals and companies connected to economic offence cases.
Replying to the debate on Supplementary Demands for Grants - First Batch for 2024-2025, she apprised the Lok Sabha Tuesday evening that the central enforcement agency has successfully restored properties worth around Rs 22,280 crore -- only the major cases included.Of those restored, the complete attached property worth Rs 14,131.6 crores of fugitive businessman Vijay Mallya has been restored to the public sector banks, the minister said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)