Fugitive businessman Vijay Mallya has approached the Karnataka High Court against debt recovery actions on Kingfisher Airlines, stating that authorities have already recovered the “principal debt amount multiple times over.” He has also requested a halt on further recovery and a detailed account statement. Mallya, wanted in India since 2016, claims banks have recovered more than double the Rs 6,203 crore debt, while Finance Minister Nirmala Sitharaman confirmed Rs 14,131.6 crore of his assets were restored to banks.
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BENGALURU: Fugitive businessman Vijay Mallya has gone to the Karnataka High Court to fight against the debt recovery case linked to his now-closed airline, Kingfisher Airlines.
Mallya has said that Kingfisher Airlines had a debt of around Rs 6,200 crore, but the authorities have already recovered the “principal debt amount multiple times over.”
On February 3 this year, Mallya filed a petition, and on Wednesday, Justice R Devdas heard it briefly.
Senior Advocate Sajan Poovayya, who is representing Mallya, told the Court that he is not asking for any immediate relief before the other parties get a chance to speak.
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Because of this, the Court has now sent notices to ten banks, one recovery officer, and an asset reconstruction company, all of whom were mentioned in Mallya’s plea.
Earlier this week, Mallya approached the High Court against various nationalised and private banks like State Bank of India, Punjab National Bank, and an asset reconstruction company. He is challenging the way these banks are recovering money from him.
In his petition, Mallya has requested the Court to stop any further recovery actions for now. He has also asked the banks and financial bodies to provide a proper statement of accounts that includes details of the total amount he, United Breweries Holdings, and his other companies owe.
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Back in December last year, Mallya had claimed on social media that banks had already recovered more than double the Rs 6,203 crore debt that was confirmed by the Debt Recovery Tribunal, including interest.
He also stated that Union Finance Minister Nirmala Sitharaman had mentioned in the Lok Sabha that Rs 14,131.6 crore worth of his properties had been returned to public sector banks.
Mallya, who ran away to the UK in 2016, is wanted in India for failing to repay massive loans taken by Kingfisher Airlines from various banks.
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