February 5, Karnataka: Vijay Mallya has reported filing a petition in the Karnataka High Court for Bank Recovery. The businessman claims that Rs.6,400 crore was owed, while banks had recovered Rs. 14,000 Crore.
This Businessman has frontline and approached the Karnataka High Court arguing that while Rs.6,200 Crore was the original amount that was due, however, the banks have recovered Rs.14,000 Crore. According to the statements made by Nirmala Sitharaman in the Lok Sabha, the Counsel said that the debt had fully been cleared, yet recovery efforts were still ongoing, Mallya’s Legal Counsel requested the court to provide a statement detailing the whole amount.
In the petition made by Vijay Mallya, the High Court bench led by Justice R Devdas issued notices to banks and loan recovery. Currently, the businessman is residing in London, Mallya is still been the subject and has committed fraud attempts with loan defaulters. On the 18th of December 2024, where he publically stated that the banks had already recovered Rs. 14,131.60 Crore from him against the judgment debt of Rs.6,203 Crore yet he was labeled as an Indian Economic offender. He took the social media platform, X where Mallya questioned the legality of the Banks and the Enforcement Directorate (ED) recovering more than twice the owed amount and asserted his right to seek relief.
The Finance minister during the debate revealed that the agency had restored properties worth ₹22,280 crores, with ₹14,131.60 Crore from Mallya hands over to the public sector. Despite this, Mallya insists that the recovery surpasses the debt adjudicated by the Debt Recovery Tribunal, which included ₹1,200 crore in interest. He maintains that unless authorities can justify the excess recovery, he has grounds for legal recourse.
For more updates subscribe to
