A consortium of banks led by State Bank of India (SBI) informed the Bombay High Court that fugitive businessman Vijay Mallya owes approximately ₹8,752 crore as of August 31. This statement contradicts Mallya's claim that the banks had recovered more than the dues owed to them, according to livemint.com.
The banks filed an affidavit stating that the debt recovery officer had temporarily recovered ₹10,270 crore under a bond undertaking provided by the consortium. Additionally, ₹544.58 crore was recovered before the lawsuit was filed at the Debt Recovery Tribunal. However, a previous affidavit from January indicated that ₹8,135.63 crore, excluding legal and other expenses, was still to be recovered, per livemint.com.
A senior banker cited by The Economic Times clarified that the recovery amount should not be viewed separately from the dues still outstanding under the recovery certificate, including subsequent accruals. The consortium maintains that substantial amounts remain legally recoverable despite the assets and proceeds realized so far, highlighting ongoing challenges in recovering dues from Mallya, according to livemint.com.
The banks’ affidavit to the Bombay High Court updates the outstanding dues to ₹8,752 crore as of August 31, underscoring the continuing legal and financial proceedings related to Vijay Mallya’s debt recovery case, as reported by livemint.com.