Bengaluru: Fugitive businessman Vijay Mallya has told the Karanataka High Court that the authorities have recovered “multiple times over” the Rs 6,200 crore debt he owes to banks.
Mallya, who is currently based in the UK, is wanted in India over default in payments of thousands of crores of loans given by various banks to now-defunct Kingfisher Airlines.
Mallya moved the High Court on February 3
Mallya moved the High Court on February 3 challenging recovery process and seeking stay against further recovery action. He has submitted that additional recovery proceedings continued against him despite the debts had already been recovered and has sought statement of accounts showing the amounts recovered from him, United Breweries Holdings Limited (UBHL) and other certificate debtors.
Justice R Devdas, while hearing Mallya’s plea on Wednesday, issued a notice to the banks and sought their response by February 13.
What did Mallya’s counsel submit?
Senior advocate Sajan Poovayya, who appeared for Mallya, told the High Court that a debt recovery tribunal (DRT) had ordered Kingfisher Airlines, as the primary debtor, and UBHL, as the guarantor, to pay Rs 6,200 crore.
“That order attained finality. However, between 2017 and now, the Rs 6,200 crore has been recovered multiple times over. According to an admitted statement, as of today, the recovery officer confirms that Rs 10,200 crore has been recovered. Additionally, the official liquidator states that the banks have regained their dues, and even the Finance Minister informed Parliament that Rs 14,000 crore has been recovered,” the counsel said, news agency PTI reported.
Mallya recently claimed Rs 14,131.60 crores recovered from him against judgement debt of Rs 6203 crores
Mallya recently in a post on social media platform X claimed that the Debt Recovery Tribunal had adjudged the Kingfisher Airlines (KFA) debt at Rs 6,203 crore, including an interest of 1,200 crores and banks have recovered Rs14,131.60 crores from me against the judgement debt of Rs 6203 crores.
“The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM (Finance Minister) announced in Parliament that through the ED (Enforcement Directorate), 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 wrote on X.
