Vijay Mallya Challenges Banks Over Alleged Excess Loan Recoveries in Karnataka HC

Mallya claims banks recovered ₹14,000 crore against a ₹6,200 crore debt and seeks clarity on recovery details and liabilities.

Vijay Mallya has filed a petition in the Karnataka High Court, asserting that banks have recovered more than twice the ₹6,200 crore debt owed by him and United Breweries Holdings Limited (UBHL).
The court has issued notices to banks and loan recovery officers, directing them to respond by February 13, 2025.
Mallya's legal counsel argued that ₹14,000 crore has been recovered, citing statements from the Finance Minister and recovery officials, yet recovery efforts continue without clarity on liabilities.
The petition seeks a stay on further asset sales and requests detailed statements on recovered amounts and ownership of assets used for recovery.
Mallya, who resides in the UK and faces extradition efforts by India, contends that the excess recovery is unjustified and has sought relief under the Companies Act.