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Vijay Mallya Moves Karnataka High Court: Seeks Recovery Accounts as Banks Recover ₹14,000 Cr Against ₹6,200 Cr Debt

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Fugitive businessman Vijay Mallya has approached the Karnataka High Court, filing a petition to obtain loan recovery account details from banks. Senior advocate Sajan Poovayya represented Mallya in the case. According to Mallya’s counsel, while the outstanding debt stood at ₹6,200 crore, banks have recovered ₹14,000 crore. The counsel further stated that this information was disclosed to the Lok Sabha by the Finance Minister.

Mallya’s counsel argued that the loan recovery officer reported a recovery of ₹10,200 crore. He further claimed that despite the full loan amount being cleared, the recovery process is still ongoing. Consequently, a request has been made to direct the banks to provide a statement detailing the recovered loan amount.

Based on Vijay Mallya’s petition, the Karnataka High Court bench, led by Justice R. Devadas, has issued a notice to banks and loan recovery officers.

Mallya, currently residing in London, remains the subject of ongoing extradition efforts by the Government of India over alleged loan defaults.

Earlier, on December 18, 2024, Mallya claimed that banks had recovered ₹14,131.60 crore from him “against the judgment debt of ₹6,203 crore” but that he continues to be labeled as “an economic offender.

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In a post on X, Vijay Mallya asserted that unless the Enforcement Directorate (ED) and banks can legally justify recovering more than twice the debt amount, he is entitled to relief.

“The Debt Recovery Tribunal adjudged the Kingfisher Airlines (KFA) debt at ₹6,203 crore, including ₹1,200 crore in interest. The Finance Minister announced in Parliament that, through the ED, banks have recovered ₹14,131.60 crore from me against the judgment debt of ₹6,203 crore, yet I am still labeled 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 stated.

Finance Minister Nirmala Sitharaman had earlier outlined several major cases in which the Enforcement Directorate attached properties of individuals and companies linked to economic offenses.

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