‘Indian banks should be ashamed’: Vijay Mallya demands statement of refunds from him

Fugitive businessman Vijay Mallya, who has demanded an “accurate account” of the amounts recovered from him, said India’s public sector banks should feel “ashamed”. Mallya had earlier also demanded to know how the banks arrived at the amount of Rs 14,000 crore, stating that it was more than the notional amount.

“Indian public sector banks demanding money from me as guarantor should be ashamed that they are yet to submit an accurate statement of account of the recoveries despite the Union Finance Minister clearly stating that Rs 14,100 crore has been recovered to the same banks,” Mallya said. He refers to Finance Minister Nirmala Sitharaman’s statement in Parliament last year when she said banks had recovered Rs 14,131.60 crore from Mallya.

This recovery is related to the debt of Kingfisher Airlines, which the debt recovery court estimated at Rs 6,203 crore.

Soon after the FM’s statement, Mallya shared a post on “And I am still in economic disrepute,” he said. “Unless the CEO and the banks can legally justify how they took more than twice the debt, I am entitled to the relief I will seek.”

Mallya then asked if those who would “abuse him freely” would stand up and question this injustice.

Separately, Mallya has withdrawn an application to set aside the insolvency order in the UK ahead of a scheduled hearing in London. The move allows the trustee in bankruptcy to continue pursuing assets to help a consortium of banks led by State Bank of India recover debts owed by Mallya’s defunct Kingfisher Airlines.

Mallya filed a separate cancellation application through his lawyers Zaiwalla & Co., arguing that the bank debts had already been recovered in India. This request appears to have been halted due to the lack of progress in an Indian court petition asking banks to provide information about refunds.