Vijay Mallya Debt Recovery: High Court Seeks Bank Response
Vijay Mallya Debt Recovery: High Court Seeks Bank Response
Mallya, the fugitive businessman, has lodged a petition in the High Court saying that his debts had been recovered many times, and yet, the recovery litigations are cancelled against him. The banks have been given notice by the court to file their response by February 13.
Debt Recovery Dispute: Mallya’s Position on Legal Proceedings
Lead Counsel Sajan Poovayya for Mallya argued that both the winding-up order for Kingfisher Airlines and that of UBHL (United Breweries Holdings Limited) have been upheld by all courts, including the Supreme Court.
Much stress, however, was laid upon the fact that a Debt Recovery Tribunal (DRT) had ordered Kingfisher Airlines and UBHL to repay ₹6,200 crore but that the total collection had ‘eclipsed’ this amount.
What Is the Sum Recovered?
Matter of Mallya’s lawyers:
- ₹10,200 crore recovery, as assertion is made by the recovery officer
- Official liquidator has expressed that banks had already recovered their payments
- The FM told Parliament that ₹14,000 crore has been recovered
Despite these recoveries, the banks still continued with further recovery actions, causing suspicion over transparency.
Petition Synopsis & Judicial Opinions
1.There Is No Certified Clearance on Full Debt
Mallya’s petition does not contest the original loan repayment but pleads: Because it is a secured debt under the Companies Act, UBHL was released from all obligations by paying off the loan in full. That certification from the recovery officer that this debt has been cleared is yet to be received.
2. Demands for Statements and Asset Disclosures from the Banks
The request states that the banks need to:
- State the overall amount recovered and specify the sources
- Declare whether any assets belonging to Mallya, UBHL, or third parties are still being held by the banks.
3. Request for Temporary Assistance
Mallya’s legal team has moved for an additional temporary halt on the sales of other assets through the revised recovery certificate until the matter is decided.
What follows?
With the court now directing the banks, also to furnish their responses by February 13, this saga remains one of India’s most-discussed and newsworthy items in finance and law. Keep your eyes peeled for recent news updates on the progress.
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