Mallya Seeks Relief As Banks Recover 2x

Through the ED, banks have recovered Rs14,131.6 cr from me against the judgement debt of Rs6203 cr, 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 - Vijay Mallya on X

New Delhi: Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate (ED) and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs14,130 crore from his attached assets. In a series of posts on social media platform X, Mallya said, “the Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs6,203 crore including Rs1,200 crore of interest.”

He further wrote, “the FM announced in Parliament that through the ED, banks have recovered Rs14,131.6 crore from me against the judgement debt of Rs6,203 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.”

On Tuesday, replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha, Sitharaman said Rs14,131.6 crore worth properties belonging to Mallya have been restored to public-sector banks (PSBs). Mallya, who fled to the UK in March 2016, is wanted in India over a default of Rs9,000 crore that was loaned to esrtwhile Kingfisher Airlines (KFA) by several banks.

In his post, Mallya said: “Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs8,000 crore have been recovered from me over and above the judgement debt.” Claiming he has no support from anyone, he said, “will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly, no guts for justice particularly for me.”