New Delhi, India
Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. 
Mallya claimed that he was entitled to relief a day after India's Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. 
The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal.
Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue."
"Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added.
Also Read: <a href="https://www.wionews.com/india-news/vijay-mallya-nirav-modi-mehul-choksi-major-asset-recovery-nirmala-sitharaman-praises-eds-efforts-784910">Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi</a>
"Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post.
<h2>Here's what Sitharaman said</h2>
Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). 
The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences.
Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://cdn.thepublive.com/wion/static/kaltura_player/wion_video_player_iframe.html?thumbnail=wion/media/post_attachments/files/2024/11/19/1911_WION_MODI_3PM-1732013707-00000003.jpg&videourl=https://vodakm.zeenews.com/vod/WION/1911_WION_MODI_3PM.mp4/index.m3u8&duration=155&tags=india,UK,G20 summit,Vijay Mallya,Nirav Modi" style="width:100%;max-width:560px;" width="560"></iframe></div>
FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. 
"It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said.
(With inputs from agencies)

India's finance minister claimed that the recoveries exceeded Rs 140 billion, however, Mallya said that the debt was only Rs 62.03 billion and that the IDBI loan of Rs 9 billion was repaid by him 

 



New Delhi, India Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. Mallya claimed that he was entitled to relief a day after India's Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal. Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue." "Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added. Also Read: Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi "Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post. Here's what Sitharaman said Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences. Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. "It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said. (With inputs from agencies)

Vijay Mallya says he paid double of his debt amount, claims 'entitled to relief'

Fugitive businessman&nbsp;Vijay Mallya&nbsp;claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks.&nbsp;

Mallya claimed that he was entitled to relief a day after India's Finance Minister&nbsp;Nirmala Sitharaman&nbsp;informed the Parliament that Rs 141.31 billion (Rs&nbsp;14131.6 crore) was recovered from Mallya by the banks.&nbsp;

The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal.

Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an&nbsp;economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue."

"Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added.

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/vijay-mallya-nirav-modi-mehul-choksi-major-asset-recovery-nirmala-sitharaman-praises-eds-efforts-784910">Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi</a>

"Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post.

<h2>Here's what Sitharaman said</h2>

Speaking in Parliament, FM Sitharaman spoke about various cases in which&nbsp;assets linked to economic offences were recovered by the Enforcement Directorate (ED).&nbsp;

The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences.

Watch:&nbsp;India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-pushes-uk-for-extradition-of-vijay-mallya-and-nirav-modi-on-g20-sidelines-777377/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

FM Sitharaman said that they have restored property worth&nbsp;Rs 141.316 billion, which belonged to Mallya.&nbsp;

"It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said.

(With inputs from agencies)

Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks.

Fugitive businessman Vijay Mallya claimed on Wednesday (Dec 18) that more than double the amount that Kingfisher was owing in the case involving its airlines has been recovered by the banks. Mallya claimed that he was entitled to relief a day after India's Finance Minister Nirmala Sitharaman informed the Parliament that Rs 141.31 billion (Rs 14131.6 crore) was recovered from Mallya by the banks. The recovery was made in the Kingfisher Airlines debt, which was estimated to be Rs 62.03 billion by a tribunal. Taking to X, Mallya said, "The Debt Recovery Tribunal adjudged the KFA (Kingfisher Airlines) debt at Rs 6203 crores, including Rs 1200 crores of interest. The FM announced in Parliament that through the ED, Banks have recovered Rs 14,131.60 crores from me against the judgement debt of Rs 6203 crores, and I am still an economic offender. Unless the ED and Banks can legally justify how they have taken more than two times the debt, I am entitled to the relief which I will pursue." "Whatever I have stated about my liabilities as guarantor of KFA loans is legally verifiable. Yet more than Rs 8000 crores have been recovered from me over and above the judgment debt. Will anyone, including those who freely abuse me, stand up and question this blatant injustice? To be seen to support a much maligned me requires guts. Sadly no guts for justice particularly for me," he added. Also Read: Sitharaman lauds ED’s efforts in recovering assets from Vijay Mallya, Nirav Modi, Mehul Choksi "Government and my many critics say that I have CBI criminal cases to answer. What criminal cases are filed by CBI? Never borrowed a single rupee, never stole, but as guarantor of KFA debt, I am accused by CBI together with many others including IDBI Bank officials of fraudulently obtaining a Rs 900 crore loan from IDBI Bank duly approved by their credit committee and Board. Full loan and interest repaid. After 9 years why no conclusive evidence of fraud and misuse of funds ?" said Mallya in another post. Here's what Sitharaman said Speaking in Parliament, FM Sitharaman spoke about various cases in which assets linked to economic offences were recovered by the Enforcement Directorate (ED). The cases mentioned involved Nirav Modi, Mehul Choksi, Vijay Mallya, and the National Spot Exchange Ltd scam. The minister said that the government has been pursuing those who allegedly committed economic offences. Watch: India Pushes UK for Extradition of Vijay Mallya and Nirav Modi on G20 Sidelines FM Sitharaman said that they have restored property worth Rs 141.316 billion, which belonged to Mallya. "It is important to recognise that we have not left anybody in economic offences; we are after them. We will ensure that money that has to go to the banks goes back," she said. (With inputs from agencies)

Making a strong case for expeditious adjudication of debt recovery cases, Indian finance minister Arun Jaitley today said the recovery procedures need to be made more efficient and effective by empowering banks and bringing legislative changes.&nbsp;

The minister asserted that the delay in recovering funds cannot be carried to an &quot;unnatural extent&quot; and giving endless opportunities to defaulters will only &quot;hurt the larger investment environment of the country&quot;.

&quot;It is not a usual judicial or quasi-judicial procedure when endless opportunities have to be granted to people to defend cases because if natural justice is carried on to unnatural extents, litigation will become unending. Therefore, efficiency has to be introduced into the recovery procedure as far as the defaulting parties are concerned,&quot; he said.

Close to 95,000 cases involving about $75 billion are pending before debt recovery tribunals across the country. Jaitley said money blocked by such defaulters prevent the banks from funding others who &quot;could have utilised the investment for fruitful purposes and benefitted the country&quot;.&nbsp;

He lauded the central bank&#39;s role in providing more flexibility to banks to restructure debt and change management. He said the recent time limit set by the RBI for disposal of debt recovery cases will help improve ease of doing business by ensuring speedier resolution of defaulted loans.&nbsp;

&quot;Besides making changes in the insolvency law, the government has made changes in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) law and debt laws. And we have cut short procedures in order to add efficiency to the whole system,&quot; he added.

Now, a district magistrate has to decide on applications by banks and financial institutions within a specific time limit of 30 days.&nbsp;

(WION with inputs from PTI) 
&nbsp;

Jaitley stressed that the defaulters cannot be given endless opportunities as cases involving about $75 billion are pending before tribunals

Making a strong case for expeditious adjudication of debt recovery cases, Indian finance minister Arun Jaitley today said the recovery procedures need to be made more efficient and effective by empowering banks and bringing legislative changes. The minister asserted that the delay in recovering funds cannot be carried to an "unnatural extent" and giving endless opportunities to defaulters will only "hurt the larger investment environment of the country". "It is not a usual judicial or quasi-judicial procedure when endless opportunities have to be granted to people to defend cases because if natural justice is carried on to unnatural extents, litigation will become unending. Therefore, efficiency has to be introduced into the recovery procedure as far as the defaulting parties are concerned," he said. Close to 95,000 cases involving about $75 billion are pending before debt recovery tribunals across the country. Jaitley said money blocked by such defaulters prevent the banks from funding others who "could have utilised the investment for fruitful purposes and benefitted the country". He lauded the central bank's role in providing more flexibility to banks to restructure debt and change management. He said the recent time limit set by the RBI for disposal of debt recovery cases will help improve ease of doing business by ensuring speedier resolution of defaulted loans. "Besides making changes in the insolvency law, the government has made changes in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) law and debt laws. And we have cut short procedures in order to add efficiency to the whole system," he added. Now, a district magistrate has to decide on applications by banks and financial institutions within a specific time limit of 30 days. (WION with inputs from PTI)

Defaulters stifling business growth: Indian finance minister warns tougher debt recovery laws

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