 "Vijay Mallya says 'entitled to relief' after FM tells parl Rs 14,000 cr recovered")
“I am entitled to relief,” said fugitive businessman Vijay Mallya, claiming that the Indian banks have recovered more than double the amount he owed in the Kingfisher Airlines case.
His statement came within hours after Finance Minister Nirmala Sitharaman told the parliament that public sector banks (PSBs) recovered Rs 14,131.60 crore from the sale of assets belonging to Mallya. The amount, which the fugitive businessman said was twice more than the debt adjudicated by courts.
In a series of posts on social media platform X, Mallya said that the debt recovery Tribunal had assessed the Kingfisher Airlines debt at Rs 6,203.
Unfairly labeled an ’economic offender'
Mallya 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 Rs 6,203 crores including Rs 1,200 crores of interest. The FM (Sitharaman) announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6,203 crores and I am still an economic offender.”
‘I am entitled to relief’
Mallya further argued that unless the Enforcement Directorate (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.”
The Debt Recovery Tribunal adjudged the KFA debt at Rs 6203 crores including Rs 1200 crores of interest. The FM announced in Parliament that through the ED,Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores and I am still an economic…
— Vijay Mallya (@TheVijayMallya) December 18, 2024
Impact Shorts
More Shorts‘More than Rs 8,000 cr recovered over & above judgement debt’
In another post, Mallya said: “Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8,000 crores have been recovered from me over and above the judgement debt.”
“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,” he further said.
Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgement debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice…
— Vijay Mallya (@TheVijayMallya) December 18, 2024
‘9 years & no conclusive evidence of fraud, misuse of funds’
In a different post, Mallya said: “Government and my many critics say that I have CBI criminal cases to answer. What criminal cases filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds?”
Government and my many critics say that I have CBI criminal cases to answer. What criminal cases filed by CBI ? Never borrowed a single rupee, never stole, but as guarantor of KFA debt I am accused by CBI together with many others including IDBI Bank officials of fraudulently…
— Vijay Mallya (@TheVijayMallya) December 18, 2024
What FM Sitharaman told Parliament about Mallya?
Replying to a debate on the first batch of Supplementary Demands for Grants in the Lok Sabha on Tuesday (December 17), Sitharaman said that Rs 14,131.60 crore worth properties belonging to Mallya have been restored to PSUs.
She further said that the central enforcement agency has successfully restored properties worth around Rs 22,280 crore – only the major cases included.
Where is Vijay Mallya now?
The Indian government has been seeking Mallya’s extradition from the United Kingdom to face trial. He fled India in 2016 amid Rs 9,000 crore loan default allegations by several banks related to the now defunct Kingfisher Airlines.
Mallya’s assets were seized under the Prevention of Money Laundering Act (PMLA) and were liquidated to recover dues owed to banks and other creditors.
With inputs from agencies.
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