Indian banks recovered over Rs.14,000 crore, twice what he owed, claims Vijay Mallya

Mallya claims banks recovered Rs.14,132 cr—twice his debt

Fugitive liquor baron Vijay Mallya has claimed that Indian banks have access to his properties worth Rs.14,131.6 crore, more than twice the amount that he owed to public sector banks. Mallya cited purported reference to the details of restoration done by the Enforcement Directorate against wilful defaulters in the Finance Ministry’s annual report 2024-25 to say that banks have already recovered Rs.14,131.8 crore against Rs.6,203 crore awarded by the Debt Recovery Tribunal.

“Finally, against judgment debt of Rs.6,203 crore, admitted recovery of Rs 14,131.8 crore, which will be evidence in my UK bankruptcy annulment application. Wonder what banks will say in an English Court,” Mallya said in a post on X, citing Finance Ministry’s documents.

Finally against a DRT judgement debt of Rs 6203 crores, admitted recovery of Rs 14,131.8 crores which will be evidence in my UK Bankruptcy annulment application. Wonder what Banks will say in an English Court. pic.twitter.com/oRSMhm4nx2

— Vijay Mallya (@TheVijayMallya) April 6, 2025

Sharing details of fugitive economic offenders, including Mallya and 10 others, the report said a total of 44 extradition requests have been sent to various countries in respect of 36 individuals.

As per the annual report of the Finance Ministry, the complete amount of attached properties worth Rs.14,131.6 crore has been successfully restored to the Public Sector Banks in the case of Vijay Mallaya.

The efforts of the ED have resulted in successful representation before Competent courts abroad in the extradition of various fugitive economic offenders and other accused, the report said. “In this regard, it is pertinent to mention that the UK Court has approved extradition of few high profile accused persons to India following effective representation of the Directorate in coordination with other LEAs (law enforcement agencies) and Indian mission abroad,” it said.

The Tribunal bench of Bengaluru in 2017 had ordered the SBI-led consortium of banks to start the process of recovering Rs.6,203 crore, at an annual interest rate of 11.5 percent, from embattled Mallya and his companies in the Kingfisher Airlines case. Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs.9,000 crore that was loaned to esrtwhile Kingfisher Airlines (KFA) by several banks.

India has been seeking Mallya’s extradition from the UK. He had in the past offered to repay 100 percent of “public money” but accused the banks and government of refusing his offer. In February, a London Court heard a set of complicated arguments involving a consortium of banks led by the State Bank of India seeking repayment of an estimated judgment debt of around GBP 1.05 billion owed by the 69-year-old businessman’s now-defunct Kingfisher Airlines. Mallya, in February, also approached the Karnataka High Court against Banks for overcharging.[1]

Reference:

[1] Debt recovered ‘multiple times over’, says Vijay Mallya; Karnataka HC issues notice to banks – Feb 5, 2025, PGurus.com

For all the latest updates, download PGurus App.

The post Indian banks recovered over Rs.14,000 crore, twice what he owed, claims Vijay Mallya appeared first on PGurus.