Vijay Mallya Seeks Details From Karnataka HC Over Seized Assets
- Karnataka High Court hears Mallya’s plea on recovered assets and loans
- Banks told to file objections as hearing adjourned to November 12
Vijay Mallya, the fugitive liquor baron, approached the Karnataka High Court on Tuesday seeking full details of assets seized in connection with his loan default cases. The petition also asked that banks stop charging interest on the amounts already recovered.
Mallya’s counsel, senior advocate Sajan Poovayya, argued that under proceedings initiated by the Enforcement Directorate (ED) and the Prevention of Money Laundering Act (PMLA), many of Mallya’s properties had been attached. He told the court that around Rs 10,000 crore had been recovered so far. According to him, “More than what was owed had been recovered and Mallya is now demanding a detailed statement of recovery made by banks till date.”
Poovayya informed the court that the recovery certificate originally permitted the collection of Rs 6,203 crore plus 11.5 percent interest. The ED’s statement from July 16, 2021, placed the recovery at Rs 7,181 crore. As per ongoing proceedings, he said, total recoveries now stood at Rs 10,040 crore. He further pointed out that the official liquidator’s submission confirmed that the consortium of banks had already recovered more than the due amount.
During the hearing, Justice Lalitha Kanneganti, presiding over the single-judge bench, questioned Mallya’s counsel on the legal route chosen. “Why haven’t you filed a petition before the company court? How can you seek such financial details from the banks through a writ petition?” the judge asked. Poovayya replied that filing a writ petition before the High Court is Mallya’s constitutional right.
However, the court noted that Mallya had failed to appear before the Supreme Court in a contempt case and had been absent from several other proceedings. Observing this pattern, the judge questioned how he could claim the right to seek relief through a writ petition.
Arguing for the banks, senior advocate Vikram Huilgol said Mallya fled the country and turned fugitive. He added that an innocent person would return and face the law instead of selectively appearing only when convenient.
The court directed the banks’ counsel to file objections and adjourned the hearing to November 12 for further proceedings.
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