Business tycoon Vijay Mallya has petitioned the Karnataka High Court, seeking detailed loan recovery statements from banks.
A report by ANI on Wednesday revealed that although the initial repayment obligation was about ₹6,200 crore, an impressive ₹14,000 crore has already been recovered.
Mallya’s legal team contended that even though financial institutions have recovered over ₹10,200 crore, surpassing the original debt, the recovery process persists. Mallya has therefore requested the banks to provide a detailed account of the total funds recovered, questioning the justification for the ongoing proceedings.
After Vijay Mallya’s petition, the Karnataka High Court, with a bench led by Justice R. Devdas, has issued notices to banks and loan recovery officials, requesting their responses on the issue.
Mallya, currently residing in London, is still undergoing extradition proceedings initiated by the Indian government due to his loan defaults. Despite extended legal challenges, endeavors to return him to India persist.
On December 18, 2024, Mallya claimed that financial institutions had recovered ₹14,131.60 crore from him, surpassing the original judgment debt of ₹6,203 crore. Despite this, he is still labeled as an “economic offender,” a status he continues to challenge.
Vijay Mallya has questioned the legality of the Enforcement Directorate’s (ED) actions, demanding an explanation for the recovery of more than twice the adjudicated debt. In a recent X post, he argued that if the authorities cannot provide a lawful justification, he is entitled to legal relief.
The Debt Recovery Tribunal determined that Kingfisher Airlines owed ₹6,203 crores, with ₹1,200 crores as interest. The Finance Minister informed Parliament that banks, through the Enforcement Directorate, have recovered ₹14,131.60 crores from me, exceeding the judgment debt of ₹6,203 crores. Despite this, I remain branded as an economic offender. If the ED and banks cannot legally justify taking more than double the debt amount, I am entitled to seek relief, which I intend to pursue, stated Mallya.
His remarks signal a potential legal battle over the excess recovery, adding another layer of complexity to his ongoing financial and extradition woes.
Finance Minister Nirmala Sitharaman highlighted several high-profile cases in which the Enforcement Directorate (ED) seized assets linked to individuals and corporations involved in economic offenses.
During her response to the debate on the Supplementary Demands for Grants for 2024-2025, she revealed that the government has restored assets worth approximately ₹22,280 crore, focusing on major cases. Among these, a substantial ₹14,131.6 crore recovered from fugitive businessman Vijay Mallya has been returned to public sector banks.
Her statement underscores the government’s aggressive stance on financial irregularities and its ongoing efforts to recover misappropriated funds.
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The situation with Vijay Mallya and the loan recovery process raises several questions. It’s intriguing that ₹14,000 crore has been recovered, which is more than double the original debt. Why are the proceedings still ongoing if the banks have already recovered more than what was owed? Mallya’s request for detailed statements seems reasonable, as transparency is crucial in such high-stakes financial matters. However, the label of “economic offender” complicates the narrative. Is this label justified given the recovery of funds? The legal battles and extradition efforts seem to overshadow the financial resolution. What is the end goal here—justice or continued pursuit? It’s worth questioning whether the authorities can provide a clear and lawful justification for their actions. What do you think—should the focus shift to closing this chapter, or is there more to uncover?
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