Desk
Share
Business fugitive Vijay Mallya filed a petition at the Karnataka High Court to gain better understanding of bank procedures to recover loans. Lawyer Sajan Poovayya on behalf of Mallya presented evidence to ANI that banks had received Rs 14,000 crore while Mallya had already repaid Rs 6,200 crore to the institutions. The business executive Vijay Mallya demands from banks a complete breakdown of recovered funds.
The ANI report reveals that Poovayya defended that the banks have completed recovering all loan debts yet their recovery activities continue. Following Mallya's petition for relief the court led by Justice R. Devdas notified both the banks along with recovery officers who were present in court.
The Government of India conducts ongoing extradition proceedings to bring Mallya from his current residence in London because of his loan default. Mallya revealed to the media in 2024 that the banks had returned Rs 14,131.60 crore exceeding the Rs 6,203 crore judgment debt amount. Mallya claimed that his status as an economic offender persists even after his lenders recovered double the amount of the previous outstanding debt.
Mallya has published on X that he plans to seek relief after the Enforcement Directorate (ED) together with banks fails to provide legal grounds behind recovering more than double the debt amount. The Debt Recovery Tribunal ruled that the Kingfisher Airlines obligations amounted to Rs 6,203 crore with interest exceeding Rs 1,200 crore.
During the debate about Supplementary Demands for Grants for 2024-2025 the Finance Minister Nirmala Sitharaman focused on major cases. During the budget session debate Minister Sitharaman reported that the government retrieved properties valued at Rs 22,280 crore from major economic offense investigations. The government has returned Rs 14,131.6 crore obtained from Mallya to public sector banks following his repayment as ANI has reported.
Read More: Sun Pharmaceutical Industries Stock Surges on Strong Sentiment and Financial Performance
