Karnataka High Court issues notice on Vijay Mallya’s petition seeking data from 10 banks on total debt recovery
The Hindu
Karnataka High Court orders notice to banks on Vijay Mallya's petition seeking debt recovery details.
The High Court of Karnataka on Wednesday (February 5, 2025) ordered issue of notice to the debt recovery officer and 10 banks on a petition filed by fugitive businessman Vijay Mallya seeking directions to the banks to provide statement of accounts for the total amount, along with accrued interest, owed by him, the United Breweries Holdings Ltd., (UBHL) and other certificate debtors, and the amount recovered so far in the process of recovery of debts of erstwhile Kingfisher Airlines Ltd.
Justice R. Devdas, before whom the petition came up for hearing, has adjourned further hearing till February 19.
Senior Advocate Sajan Poovayya, appearing for Mr. Mallya, has contended that even though the amount due to the banks has been already recovered, additional recovery proceedings were still being carried out against Mallya.
Pointing out that the winding up order against Kingfisher Airlines and its holding company UBHL (which is under liquidation) as well as the parallel process for debt recovery for a sum of ₹6,200 crore from primary debtor Kingfisher and its guarantor, UBHL, has attained finality in law, Mr. Poovayya contended that debt has been recovered multiple times since 2017.
Claiming that the official liquidator has stated that the banks have received their money from liquidation process and the debt recover officer has said that ₹10,200 crore has been recovered, it was contended on behalf of Mr. Mallya that the debt due to the bank appear to be recovered multiple times from the guarantors, which includes Mr. Mallya.
The Court was also informed about the statement of Union Finance Minister Nirmala Sitharaman made in the Lok Sabha recently that ₹14,131.6 crore has been recovered by public sector banks (PSBs) from the sale of assets belonging to Mr. Mallya.
The statement of amounts realised by the banks and details of the original owners of the assets utilised for realising the amounts following amended recovery certificate issued on April 10, 2017, by the Debt Recovery Tribunal, Bengaluru, has also been sought by Mr. Mallya in his petition.
“Earth Day celebrations have already started in Bengaluru, with campaigns at various colleges such as St. Josephs, and Christ University where life-size elephants made from the invasive species, Lantana Camera, have been travelling to spread the message of conservation and coexistence, along with expert talks from WWF India and Ravi Chellam of Metastring Foundation,” said the release.
Challenge BJP and RSS ideology with Left politics, socialism, and gender equality for exploitation-free society, says U. Vasuki.
Cafe Niloufer's largest tea café in India, located at Hitech City, offers a unique dining experience for over 700 guests.
Stakeholders advocate for collaborative efforts in implementing effective tobacco control policies to protect public health in India.
State government and Tasmac challenge ED searches at Madras High Court, alleging violation of federalism principles.
Centre slashes educational scheme allocations for Muslims, impacting literacy rates and sparking controversy over madrasa reforms.
Vijayawada and Vizag metro rails: Centre approves appointment of SYSTRA MVA Consulting for preparing mobility plans. The New Delhi-based consultant has emerged as the successful bidder for preparing CMPs for both the projects. The Government of Andhra Pradesh has sanctioned DPRs for construction of the Visakhapatnam Metro Rail for a length of 46.23 km in three corridors at an estimated cost of ₹11,498 crore and the Vijayawada Metro Rail for a length of 38.40 km in two corridors at a cost of ₹11,009 crore.
Commuters demand action to regulate excessive parking fees at Pudukkottai two-wheeler parking lot near bus stand.
Budget is progressive for minorities: Shabbir Ali
At 5 p.m. on March 20, if you happen to be on the Poonamallee Bypass, look up, and you will witness the trial run of Chennai Metro Rail’s three-coach train. This will be the first time the train travels on the viaduct from Poonamallee Bypass to Mullaithottam, a distance of about 2.5 km.
Collector Raja Gopal Sunkara distributes orders for operating mini-buses on 39 routes in the district under new scheme.
District Collector aims to increase Aavin's milk procurement to 70,000 litres daily by forming milk cooperative societies in villages.
Join CUK's Department of Public Administration for a national seminar on Indigenous Administrative Practices in India.