Vijay Mallya to hunt reduction, claims ED and banks recovered twice the debt owed, ETCFO
Fugitive businessman Vijay Mallya has claimed that he’ll search authorized reduction over what he perceives because the Enforcement Directorate (ED) and banks recovering greater than twice the quantity of the debt he owed. His feedback adopted an announcement by Finance Minister Nirmala Sitharaman in Parliament concerning the restoration of over Rs 14,130 crore from belongings connected to him.
In a collection of posts on the social media platform X, Mallya asserted, “The Debt Restoration Tribunal had decided the Kingfisher Airways (KFA) debt to be Rs 6,203 crore, which incorporates Rs 1,200 crore in curiosity.”
He continued, “The Finance Minister talked about in Parliament that Rs 14,131.6 crore price of my belongings have been recovered by the ED and banks. That is greater than double the judgment debt of Rs 6,203 crore. Regardless of this, I’m nonetheless labeled an financial offender.”
Mallya challenged the ED and the banks to legally justify the restoration of an quantity that exceeds his precise debt, stating that until they’ll present a legitimate clarification, he’s entitled to reduction, which he plans to pursue.
On Tuesday, throughout a debate on the primary batch of Supplementary Calls for for Grants within the Lok Sabha, Sitharaman confirmed that Rs 14,131.6 crore price of Mallya’s properties had been returned to public sector banks.
Mallya, who fled to the UK in March 2016, is going through prices in India for defaulting on loans totaling round Rs 9,000 crore, which have been supplied to his now-defunct Kingfisher Airways (KFA) by varied banks.
In his social media posts, Mallya stated, “All the things I’ve stated about my liabilities because the guarantor for the KFA loans is verifiable in a court docket of regulation. But, over Rs 8,000 crore has been recovered from me above the quantity said within the judgment.”
He additional lamented the dearth of assist, saying, “Will anybody, together with my critics, rise up and deal with this gross injustice? It takes braveness to assist somebody who’s so closely maligned. Sadly, nobody has the braveness to demand justice, significantly for me.”
Mallya additionally took intention on the authorities and his critics, questioning the felony prices filed in opposition to him by the Central Bureau of Investigation (CBI). He said, “What felony circumstances? I by no means borrowed a single rupee or stole any cash. As a guarantor for the KFA debt, I’m accused of fraudulently acquiring a Rs 900 crore mortgage from IDBI Financial institution, a mortgage that was duly permitted by their credit score committee and board. All the mortgage and curiosity have been repaid, so why, after 9 years, is there nonetheless no conclusive proof of fraud or misuse of funds?”
India has been actively searching for Mallya’s extradition from the UK, the place he has remained since fleeing the nation in 2016. Up to now, Mallya has claimed that he supplied to repay the complete quantity owed to the banks, however alleged that his supply was rejected by each the banks and the federal government.
