Why claiming for more even after recovering ₹14,131 crore against ₹6,203-crore Kingfisher Airlines debt, Karnataka HC questions consortium of banks
The Karnataka High Court has questioned a consortium of banks for continuing to pursue claims on United Breweries shares despite having already recovered over ₹14,000 crore against a ₹6,203 crore debt. The court set aside previous tribunal orders that allowed the attachment of these shares.
Why it matters
Addresses legal and financial accountability in the recovery of public funds from high-profile corporate defaulters.
Why claiming for more even after recovering ₹14,131 crore against ₹6,203-crore Kingfisher Airlines debt, Karnataka HC questions consortium of banks left The High Court of Karnataka https://th-i.thgim.com/public/incoming/r7sqjp/article71588568.ece/alternates/FREE_1200/IMG_BG_HIGH_COURT_2020_1_1_QVGLG48U.jpg SREENIVASA MURTHY V Bengaluru / Karnataka : 19/08/2020 : A view of High Court of Karnataka on 19 August 2020. Photo : V Sreenivasa Murthy/The Hindu. Vijay Mallaya’s vanity, flamboyant lifestyle coming in the way of giving quietus to claims of banks Bengaluru Observing that a consortium of banks has already recovered assets worth ₹14,131.6 crore from fugitive businessman Vijay Mallya against an outstanding loan of ₹6,203 crore extended to the now-defunct Kingfisher Airlines, the High Court of Karnataka has questioned the banks’ action of continuing claim over 2.09 crore shares of United Breweries Ltd., (UBL) held by him and his son before they were attached by the authorities.
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