vijay mallya
Recently, Vijay Mallya has accused Indian public sector banks of not giving correct and complete accounts of the recovery made from his assets. Mallya has said that even when the Union Finance Minister has officially confirmed the return of Rs 14,100 crore to the banks, the banks did not disclose the exact details of the recovery to the public.
Mallya posted on social media platform X and slammed the banks and said that they should be ashamed of their negligence. He clearly said that until the complete information about recovery by banks is not made public, he will not take any legal action in Britain. Mallya claims that a proper reply to the legal process going on against him can be given only in India.
The Indian Public Sector Banks who claim monies from me as a guarantor should be ashamed that they have not yet submitted an accurate statement of account of recoveries made despite the Union Finance Minister clearly stating that Rs 14,100 crores have been restored to the very
— Vijay Mallya (@TheVijayMallya) October 13, 2025
I will not pursue legal action in England till the Indian Public Sector Banks come clean as I have a justified counter claim that can be adjudicated only in India.
— Vijay Mallya (@TheVijayMallya) October 13, 2025
Why did the controversy arise?
This case is related to the recovery of the outstanding loan which banks have imposed on Vijay Mallya’s Kingfisher Airlines company. Indian banks have claimed to seize his property and recover the outstanding amount from him. According to officials, the amount recovered from the seized property has been used to repay part of the loan.
Meanwhile, Mallya has withdrawn the application to cancel the bankruptcy order issued against him in Britain. This means that the bankruptcy trustee will now be able to recover loans worth about 1.05 billion pounds related to Kingfisher with the help of State Bank of India and other banks without any restrictions.
Status of legal battle in Britain?
The British High Court had prepared to hear the petition to cancel Mallya’s bankruptcy, but the hearing was canceled after Mallya withdrew the petition. This gave relief to the bankruptcy trustee that he would be able to fulfill his responsibilities.
The British Court in April had upheld the bankruptcy order, which is more than four years old. It was argued in Mallya’s petition that the banks in India have completed the recovery of the loan, but due to limited progress in the related petition going on in India, the case is now continuing in Britain.