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Fugitive businessman Vijay Mallya's argument, 'The amount recovered by the banks is much more than the loan taken'
Vijay Mallya: Fugitive businessman Vijay Mallya filed a petition in the Karnataka High Court on February 3. In response to this, a notice was issued to the banks on Wednesday. Justice R. Devadas directed the banks to respond by February 13.
Fugitive businessman Vijay Mallya delivered a strong statement in the Karnataka High Court. On Wednesday, in court, the businessman alleged that much larger sums of money have been recovered by the banks in relation to the loan taken by him. There is a bank loan of Rs 6,200 crore taken in his name, but much larger sums have been recovered many times over. Information regarding recovered sums of money from him, United Breweries Holdings Ltd, and defaulters have been sought by him.
The fugitive businessman moved a petition in Karnataka High Court on February 3. In response, a notice to the banks was dispatched on Wednesday. Justice R. Devadas directed the banks to respond by February 13. The petition has sought a stay on any future bank sales of assets under the new certificate of recovery as an interim relief.
Senior advocate Sajan Poovayya, representing Vijay Mallya, argued that the liquidation order against Kingfisher Airlines and its holding company UBHL has been upheld at all judicial levels, including the Supreme Court. He said that the loan has already been recovered, yet additional recovery proceedings are going on against Mallya.
