HC notice to bks on Vijay Mallya's plea seeking details on debt owed by him
This story was originally published at 20:46 IST on 5 February 2025
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NEW DELHI – The Karnataka High Court on Wednesday issued notices to banks including State Bank of India, Bank of Baroda, and Union Bank of India and a Debt Recovery Tribunal recovery officer on a petition by fugitive businessman Vijay Mallya seeking details of the amounts owed by him and United Breweries Ltd. after various recoveries.
Challenging the recovery proceedings, Mallya said the amount due from him and the companies had already been recovered and, even then, additional recovery proceedings were being carried out against him. Mallya said Kingfisher Airlines owed around INR 62 billion, on which United Breweries was the guarantor. However, the authorities have already recovered multiple times of the debt, he claimed.
Mallya said there is an admitted statement by the recovery officer that they have already recovered INR 102 billion. The finance minister has made a statement in Parliament that over INR 140 billion worth of properties belonging to Mallya had been restored to public sector banks, the petition said. Mallya has sought a stay on all further action by banks.
Vijay Mallya is wanted in India for defaulting about INR 90 billion loaned by banks to Kingfisher Airlines. Mallya fled to the UK in 2016 and was declared a fugitive by a Mumbai special court in 2019, under the Prevention of Money Laundering Act. Under the law, once a person is declared a fugitive economic offender, the prosecuting agency has the power to confiscate his or her property.
Heineken N.V. had in 2021 bought Mallya's 15% stake in United Breweries for INR 58.25 billion from the Debts Recovery Tribunal. End
Reported by Surya Tripathi
Edited by Saji George Titus
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