Mallya's Debt Crisis: A Loophole in Recovery?

Vijay Mallya has petitioned the Karnataka High Court claiming his Rs 6,200 crore debt has been recovered multiple times. He seeks detailed account statements from banks regarding recoveries tied to him and United Breweries Holdings Limited. The court has issued a notice, demanding responses by February 13.

Vijay Mallya, the fugitive liquor baron, has approached the Karnataka High Court asserting that the debt of Rs 6,200 crore he owed to banks has been cleared multiple times. He has requested the banks to provide a detailed statement of accounts regarding recoveries associated with him, United Breweries Holdings Limited, and other certificate debtors.

The High Court, responding to Mallya's petition, issued a notice to the concerned banks. Justice R Devdas instructed the banks to respond by February 13. Senior advocate Sajan Poovayya argued on behalf of Mallya, highlighting that the winding-up order against Kingfisher Airlines and UBHL had been confirmed at all levels of the judiciary, including the Supreme Court.

He claimed that despite the debts being repaid, further recovery proceedings against Mallya persisted. The plea seeks a statement of recovered amounts and details on asset utilization, while requesting a stay on any further bank asset sales until the debt's full settlement is clarified.