SBI-led lenders say Vijay Mallya owes Rs 8,752 crore more
A consortium of lenders led by the State Bank of India has informed the Bombay High Court that fugitive businessman Vijay Mallya still owes over Rs 8,752 crore. This statement disputes Mallya's claim that his debts have been fully settled through previous recoveries.
Why it matters
The case highlights ongoing high-profile legal battles regarding corporate debt recovery and the accountability of fugitive economic offenders in India.
Mumbai: A State Bank of India-led consortium of lenders has told the Bombay High Court that nearly Rs 8,752 crore remained recoverable from fugitive businessman Vijay Mallya as of August, even after the debt recovery officer has reclaimed Rs 10,270 crore so far. This contradicts Mallya’s argument that banks have already recovered amounts exceeding their dues.Mallya, the founder of defunct Kingfisher Airlines and former chairman of the United Breweries Group, had in 2020 moved the high court seeking dismissal of criminal cases against him. He argued that his dispute with the banks had been settled as they have fully recovered their dues. The Enforcement Directorate (ED) has filed its say in the matter.
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