“Banks Has Recovered Debt Multiple Times Over”: Vijay Mallya

Fugitive businessman Vijay Mallya reached the Karnataka High Court, claiming that the banks had recovered the principal debt amount multiple times in the Kingfisher Airline default case.

In his petition, Mallya asked the banks to provide an account statement of the recovered amount.

Justice R Devdas issued notices to 10 banks, including SBI and Punjab National Bank.

Vijay Mallya’s advocate, Sajan Poovayya, said the loan amount Mallya owes to the banks was Rs 6,200, but Rs 14,000 crore has been recovered.

The advocate said, “The Finance Minister informed the Lok Sabha about this, while the loan recovery officer mentioned that Rs 10,200 crore had been recovered. Even though the full loan amount has been settled, the recovery process is still ongoing.”

The businessman is also been named in the IDBI Bank-Kingfisher Airlines loan fraud case by the CBI.

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