SBI Says Vijay Mallya Still Owes ₹8,752 Crore
A State Bank of India-led consortium has told the Bombay High Court that fugitive businessman Vijay Mallya still owes nearly ₹8,752 crore, despite lenders having recovered more than ₹10,270 crore through asset sales and other recovery proceedings.
SBI-Led Banks Claim ₹8,752 Crore Still Recoverable
According to the lenders’ affidavit, ₹8,751.86 crore remained recoverable from Mallya as of August 31, excluding legal and other expenses.
The consortium said the Debt Recovery Officer had so far “temporarily recovered” around ₹10,270 crore, while another ₹544.58 crore had been recovered before proceedings were initiated before the Debt Recovery Tribunal.
The banks maintain that the amounts already recovered cannot be considered independently from liabilities continuing to accrue under the recovery certificate.
Mallya Says Banks Have Recovered Full Dues
Mallya has argued before the Bombay High Court that lenders have already recovered amounts exceeding the original debt owed by him and Kingfisher Airlines.
He is seeking closure of proceedings linked to the dispute, including challenging criminal proceedings arising from the loan defaults.
The lenders dispute his position and contend that substantial amounts remain legally recoverable despite assets and proceeds already realised.
ED Says Recoveries Do Not End Criminal Cases
The Enforcement Directorate has separately told the court that assets worth around ₹14,132 crore have been restored to the SBI-led consortium.
However, the agency maintains that restitution of assets to lenders does not automatically extinguish pending money-laundering proceedings under the Prevention of Money Laundering Act.
Mallya was declared a fugitive economic offender in 2019. The Bombay High Court is scheduled to hear the matter again on October 13.
