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Vijay Mallya claims has paid double his debt, now ‘entitled to relief’
Vijay Mallya claims banks recovered over ₹14,131 crore, more than double his Kingfisher Airlines debt of ₹6,203 crore.
Vijay Mallya, the fugitive businessman, has sparked a fresh controversy by claiming that banks have recovered more than twice the amount he owed. In a recent social media post, Mallya stated that banks have recovered ₹14,131.60 crore from him, whereas the Debt Recovery Tribunal had adjudged the Kingfisher Airlines (KFA) debt at ₹6,203 crore, including ₹1,200 crore of interest.
His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over ₹14,130 crore from his attached assets.
In a series of posts on X, Mallya argued that unless the Enforcement Directorate (ED) and banks can legally justify the excess recovery, he is entitled to relief. He also claimed that he has been unfairly labeled an "economic offender" despite repaying the loan and interest in full.
"The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at ₹6203 crore including ₹1200 crore of interest. The FM announced in Parliament that through the ED,Banks have recovered ₹14,131.6 crore from me against the judgement debt of ₹6203 crore and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to relief which I will pursue," Mallya wrote.
What Nirmala Sitharaman said
On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Nirmala Sitharaman said ₹14,131.6 crore worth properties belonging to Mallya have been restored to public sector banks.
Replying to the debate on Supplementary Demands for Grants - First Batch for 2024-2025, she apprised the Lok Sabha Tuesday evening that the central enforcement agency has successfully restored properties worth around ₹22,280 crore -- only the major cases included.
Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹9,000 crore that was loaned to esrtwhile Kingfisher Airlines (KFA) by several banks.
Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹9,000 crore loaned to KFA by several banks. He has been seeking extradition to India, but his efforts have been met with resistance.
In his post, Mallya questioned the government's stance, asking, "Will anyone, including those who freely abuse me, stand up and question this blatant injustice?" He also denied any wrongdoing, stating that he never borrowed a single rupee or stole any money.
