In a significant legal maneuver, fugitive businessman Vijay Mallya has lodged a petition with the Karnataka High Court, seeking detailed accounts of loan recoveries made by banks. Represented by senior advocate Sajan Poovayya, Mallya's plea contends discrepancies in the reported figures of loan repayments against what has been actually recovered.
According to Mallya's counsel, while the initial loan amount to be repaid was Rs 6,200 crore, banks have reportedly recovered a staggering Rs 14,000 crore. This assertion was purportedly communicated by the Finance Minister during a session in the Lok Sabha.
In defense of Mallya's stance, his legal team argued that despite the reported recovery exceeding the original loan amount, the formal process of clearance remains ongoing. Consequently, they have requested the court to compel banks to furnish a comprehensive statement detailing the exact sum recovered.
Following the filing of Mallya's petition, the High Court bench, led by Justice R Devadas, issued notices to the banks and loan recovery officers involved in the case. This development marks a pivotal step in the ongoing legal saga surrounding Mallya, who currently resides in London and faces extradition efforts by the Indian government over alleged loan defaults.
Notably, in a previous statement dated December 18, 2024, Vijay Mallya contended that banks had recovered Rs 14,131.60 crore from him, significantly surpassing the adjudicated debt of Rs 6,203 crore, which includes accrued interest. Mallya, in a social media post, asserted his status as an "economic offender" while challenging the Enforcement Directorate and banks to substantiate the legal basis for recovering more than double the stipulated debt amount.
Finance Minister Nirmala Sitharaman, addressing concerns related to economic offences, previously highlighted instances where the Enforcement Directorate had attached assets linked to individuals and companies involved in such cases.
The outcome of Mallya's petition before the Karnataka High Court is eagerly anticipated, as it promises to shed light on the complex dynamics of loan recovery and legal obligations in high-profile financial disputes.
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