This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Terms of Use.
Accept
IndiaPost LiveIndiaPost LiveIndiaPost Live
  • Home
  • India
  • World
  • Business
  • Entertainment
  • Sports
Notification Show More
Font ResizerAa
IndiaPost LiveIndiaPost Live
Font ResizerAa
  • Home
  • India
  • World
  • Business
  • Entertainment
  • Sports
  • India News
  • State
  • World
  • Entertainment
  • Business
  • Trending
  • Sports
  • Career
  • Lifestyle
  • Languages
Follow US
© 2024 NM Media. All Rights Reserved.

News » India News » Debt recovered ‘multiple times over’, fugitive businessman Vijay Mallya tells Karnataka HC

India News

Debt recovered ‘multiple times over’, fugitive businessman Vijay Mallya tells Karnataka HC

NM Desk
Last updated: 5 February, 2025 6:29 PM
NM Desk
Share
Vijay Mallya responds to FM’s statement, asks how ‘I am still an economic offender’

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.

Contents
Mallya moved the High Court on February 3What did Mallya’s counsel submit?Mallya recently claimed Rs 14,131.60 crores recovered from him against judgement debt of Rs 6203 crores

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.

Read More

‘History in the making…’: Jitendra Singh on the inauguration of Chenab bridge this week
‘History in the making…’: Jitendra Singh on the inauguration of Chenab bridge this week
Manipur violence: Meitei group issues ultimatum after mob attacks CM’s residence
Manipur violence: Meitei group issues ultimatum after mob attacks CM’s residence
Today’s Quordle Answer, Hints, Clues #999 October 19, 2024: Weekend Puzzle!
Today’s Quordle Answer, Hints, Clues #999 October 19, 2024: Weekend Puzzle!

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.

You Might Also Like

PM Modi, Trump discuss key Issues after US election result: MEA shares insights

Trinamool MP Saket Gokhale stops Mata Jagran in Delhi, BJP assures help to organisers

Pune Metro: Expansion plans on lines put Shivajinagar, Khadakwasla on the map | Route details and more

Bengaluru: Ola scooter starts burning in front of its showroom; netizens make fun

Rashtrapati Ashiyana to open for public visits in April 2025, showcasing PBG legacy

TAGGED:debtsFugitive businessman Vijay MallyaKarnataka High CourtKingfisher AirlinesRecoveryVijay Mallya
Share This Article
Facebook Twitter Whatsapp Whatsapp Telegram Copy Link

Latest News

Tata Ace Pro rolls into Kolkata with the spirit of ‘Ab Meri Baari’
Tata Ace Pro rolls into Kolkata with the spirit of ‘Ab Meri Baari’
India News
Patna district administration takes cognisance of fake residential certificate issue
Patna district administration takes cognisance of fake residential certificate issue
India News
MSCAA celebrates 5th annual alumni event at Shaheed Bhai Bal Mukund Sarvodaya Vidyalaya
MSCAA celebrates 5th annual alumni event at Shaheed Bhai Bal Mukund Sarvodaya Vidyalaya
India News
Institute of Liver and Biliary Sciences observes World Hepatitis Day, aiming to eliminate viral hepatitis by 2030
Institute of Liver and Biliary Sciences observes World Hepatitis Day, aiming to eliminate viral hepatitis by 2030
India News

You also Like

Amit Shah holds closed-door meeting with J&K BJP MLAs, receives feedback on various issues
India News

Amit Shah holds closed-door meeting with J&K BJP MLAs, receives feedback on various issues

NM Desk NM Desk 4 Min Read
‘AAP was finished when party leaders…’: Ex-leader Ashutosh after Delhi rout
India News

‘AAP was finished when party leaders…’: Ex-leader Ashutosh after Delhi rout

NM Desk NM Desk 4 Min Read
Kerala tourism feels the heat due to rising military activity in Red sea region
India News

Kerala tourism feels the heat due to rising military activity in Red sea region

NM Desk NM Desk 3 Min Read
IndiaPost LiveIndiaPost Live
Follow US
© 2024 NM Media. All Rights Reserved.
  • About Us
  • Privacy Policy
  • Contact Us
Welcome Back!

Sign in to your account