The Karnataka High Court on Friday has listed a petition by fugitive liquor baron Vijay Mallya for a hearing on September 15. The petition demands a statement of accounts from the concerned banks regarding the remaining debt owed by him and others. A similar plea has also been filed by the United Breweries Holdings Limited (UBHL) director, Daljit Mahal.
The petitions are seeking a directive for the banks to release a statement on the outstanding debt owed by Mallya, UBHL, and other certificate debtors. The pleas also ask for updated financial details that include any interest that has accumulated and a proper credit for all payments and recoveries made since April 10, 2017.
A bench led by Justice BM Shyam Prasad passed the order to list the matter. Senior counsel Sajan Poovayya, representing Vijay Mallya, told the court that a winding-up order had been issued against Kingfisher Airlines and its parent company, UBHL. This order legally mandates the companies to be shut down and their assets to be sold to pay their debts.
"This winding-up order has been confirmed all the way up to the Supreme Court. The amount owed has already been recovered. Despite that, additional recovery actions were still being taken against Vijay Mallya, the owner/promoter," Poovayya said. He added that since the companies have been legally shut down and the debt has been paid back, further recovery actions being taken against Mallya are possibly unnecessary or unfair.
The senior counsel also told the court that the ₹6,200 crore that the primary debtor Kingfisher and guarantor UBHL were ordered to pay has been recovered multiple times. He stated that there is an admitted statement in which the recovery officer says that ₹10,200 crore has been recovered. However, the Finance Minister Nirmala Sitharaman has stated in Parliament that ₹14,000 crore has been recovered. The petition also seeks interim orders to stay all further actions by the banks and to receive details of assets and properties currently held by the banks that have not yet been used to settle the debts.
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