Wed Feb 05 12:25:05 UTC 2025: ## Karnataka High Court Orders Notice to Banks in Mallya Debt Recovery Case
**Bengaluru, February 5, 2025** – The Karnataka High Court on Wednesday issued a notice to a debt recovery officer and 10 banks in response to a petition filed by fugitive businessman Vijay Mallya. Mallya seeks a detailed accounting of the total amount owed by him, United Breweries Holdings Ltd. (UBHL), and other debtors, along with the amount already recovered. He claims that despite the alleged full recovery of the debt, additional recovery proceedings continue.
Mallya’s counsel argued that the debt, stemming from the Kingfisher Airlines collapse, has been repeatedly recovered since 2017. They cited statements from the official liquidator and the debt recovery officer indicating that banks have received full payment from the liquidation process and that over ₹10,200 crore has been recovered. This, they contend, indicates multiple recoveries from guarantors, including Mallya himself.
The petition also references Union Finance Minister Nirmala Sitharaman’s recent Lok Sabha statement that public sector banks recovered ₹14,131.6 crore from the sale of Mallya’s assets. Mallya’s petition requests a statement of accounts from the banks detailing the amounts realised and the origin of the assets sold. It further seeks a list of assets owned by Mallya, UBHL, and third parties that remain unutilized to satisfy the debt.
Finally, Mallya seeks a directive for the debt recovery officer to apply recoveries made from assets restored to banks following court orders in money laundering cases against him. The court adjourned the hearing until February 19.
First Piper 