Synopsis
Vijay Mallya has filed a petition in the Karnataka High Court requesting banks to reveal the total recovered amounts against loans linked to United Breweries Holdings Limited. The court has issued notices to the banks, with further proceedings scheduled for February 19.Key Takeaways
- Vijay Mallya seeks loan recovery details.
- Karnataka High Court issues notices to banks.
- Loan recovery amount claimed is Rs 6,200 crore.
- Current recovery reported at Rs 10,200 crore.
- Counsel requests stay on further recovery actions.
Bengaluru, Feb 5 (NationPress) Fugitive liquor tycoon Vijay Mallya has moved the Karnataka High Court on Wednesday, requesting that banks disclose the total funds recovered from loans he secured through United Breweries Holdings Limited (UBHL, currently in liquidation).
The court has taken the request into consideration and has issued notices to the relevant banks.
The bench, led by Justice R. Devadas, has directed notices to be sent to the banks and recovery officers, postponing the matter until February 19.
Senior counsel Sajan Poovayya, representing Mallya, informed the court that the outstanding loan amount is Rs 6,200 crore, while an amount of Rs 10,200 crore has already been recovered. Despite the full recovery of the loan, the banks continue their recovery efforts, prompting the necessity for them to provide detailed accounts of the recovered funds.
Additionally, Poovayya contended that there has been no confirmation regarding whether the primary loan amount has been settled and requested an interim order to suspend the ongoing recovery actions. He also sought to halt any further sales of Mallya's assets currently held by the banks.
Poovayya further stated that the recovery officer has acknowledged a payment of Rs 10,200 crore, and the official liquidator claims that the banks have received their funds back. Union Finance Minister Nirmala Sitharaman has indicated in Parliament that Rs 14,000 crore has been recovered, as Mallya asserted.
Notices have been dispatched to officials connected to the Loan Recovery Tribunal in Chennai, as well as several banks including State Bank of India, Bank of Baroda, Union Bank of India, The Federal Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Jammu and Kashmir Bank Limited, Punjab and Sindh Bank, Punjab National Bank, UCO Bank, JM Financial Asset Reconstruction Company Private Limited, and the official liquidator of UBHL, as per sources.
