Vijay Mallya Claims Indian Banks Recovered ₹14,000 Crore—Twice What He Owed!

Vijay Mallya, the former liquor mogul, claims that Indian banks now have access to his properties worth about Rs 14,131.6 crore. This amount is significantly more than the Rs 6,203 crore he owed to public sector banks.

In a recent post, Mallya pointed to a report from the Finance Ministry’s Enforcement Directorate that shows banks have already recovered Rs 14,131.8 crore related to his case. He mentioned that this could play a role in his upcoming application to annul his bankruptcy in the UK. "I wonder how banks will respond in an English Court," he said, hinting at the complexities of his situation.

The ministry’s report also highlighted that India has sent 44 extradition requests to various countries concerning 36 individuals, including Mallya. It states that properties worth Rs 14,131.6 crore have been restored to public banks as part of the measures against Mallya and other economic offenders.

Historically, the Bengaluru Debt Recovery Tribunal ordered banks to recover Rs 6,203 crore from Mallya in 2017, applying an annual interest rate of 11.5%. Mallya fled to the UK in March 2016 after defaulting on loans amounting to approximately Rs 9,000 crore for his now-defunct Kingfisher Airlines. His case has sparked ongoing discussions about accountability in corporate governance.

In recent legal proceedings in London, banks led by the State Bank of India argued for repayment of around GBP 1.05 billion owed by Kingfisher Airlines. This situation underscores the global complexities of financial law, as it straddles borders and involves multiple jurisdictions.

User reactions to Mallya’s claims have ranged from skepticism to support on social media. Many critics argue that this situation highlights the challenges in bringing economic offenders to justice, while some view Mallya’s legal maneuvers as a clever but controversial strategy to escape full accountability.

In summary, the case of Vijay Mallya underscores the ongoing battle between financial institutions and economic offenders, highlighting the intersections of law, finance, and international relations. For more details on the implications of such financial cases, you can explore reports from trusted sources like the Economic Times.

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LIQUOR BARON VIJAY MALLYA, VIJAY MALLYA, INDIAN BANKS RECOVERED OVER RS 14K CR, TWICE HE OWED, CLAIMS VIJAY MALLYA