‘Indian banks should be ashamed’: Vijay Mallya demands statement of recoveries made from him
Fugitive businessman Vijay Mallya, demanding an “accurate statement” of the recoveries made from him, said the Indian public sector banks should be “ashamed”. Mallya had earlier too demanded to know how the banks arrived at the figure of Rs 14,000 crore, stating that it was more than the default amount.
“The Indian Public Sector Banks who claim monies from me as a guarantor should be ashamed that they have not yet submitted an accurate statement of account of recoveries made despite the Union Finance Minister clearly stating that Rs 14,100 crores have been restored to the very same Banks,” said Mallya. He is referring to Finance Minister Nirmala Sitharaman’s statement to the Parliament last year when she said that banks recovered Rs 14,131.60 crore from Mallya.
This recovery is in connection with the Kingfisher Airlines debt, which the debt recovery tribunal had assessed at Rs 6,203 crore.
Soon after FM’s statement, Mallya had put up a post on X, stating that the tribunal had adjudged the Kingfisher Airlines debt at Rs 6,203 crore, including Rs 1,200 crore interest but the FM announced Rs 14,131 crore of recovery. “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,” he had said.
Mallya then asked if those who “freely abuse” him would stand up and question this injustice.
Separately, Mallya has withdrawn an application to annul a UK bankruptcy order ahead of a scheduled hearing in London. This move allows the Trustee in Bankruptcy to continue pursuing assets to help a consortium of banks led by the State Bank of India recover the debt owed by Mallya’s defunct Kingfisher Airlines.
Mallya had pursued a separate annulment application through his lawyers Zaiwalla & Co., arguing that the banks’ debt had already been recovered in India. This application appears to have been discontinued as an Indian writ petition requiring banks to provide information on recoveries has not progressed.
