Vijay Mallya's Debt Recovery Dispute: A Multi-Billion Dramatic Courtroom Saga

Vijay Mallya claims the debt of Rs 6,200 crore owed to banks has been recovered 'multiple times over' and has petitioned the Karnataka High Court for a detailed statement on amounts recovered by banks from him, UBHL, and other debtors. He seeks a halt on further asset sales pending clarity.


Devdiscourse News Desk | Bengaluru | Updated: 05-02-2025 18:32 IST | Created: 05-02-2025 18:32 IST
Vijay Mallya's Debt Recovery Dispute: A Multi-Billion Dramatic Courtroom Saga
Vijay Mallya
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Fugitive businessman Vijay Mallya has asserted before the Karnataka High Court that the debt totaling Rs 6,200 crore owed to Indian banks has, in fact, been recovered multiple times. In light of this, Mallya has sought clarity through a detailed statement on the amounts recovered from him, his firm United Breweries Holdings Limited (now in liquidation), and other certificate debtors.

The High Court has responded to Mallya's petition by issuing a notice to the banks. Justice R Devdas has instructed these financial institutions to respond by February 13. Meanwhile, Mallya's plea requests an interim stay on further asset sales by the banks under the amended recovery certificate until the outstanding debt status is confirmed.

Mallya's legal representative, Senior Advocate Sajan Poovayya, argued in court that the winding-up orders for both Kingfisher Airlines and UBHL, approved at all judicial levels including the Supreme Court, should be considered settled. According to him, total recoveries have surpassed initial debts, yet the banks persist with further collections, necessitating judicial intervention.

(With inputs from agencies.)

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