Fugitive liquor baron Vijay Mallya approached the Karnataka High Court on Wednesday seeking direction to banks to provide details of the total amount recovered against loans obtained by him, United Breweries Holdings Limited (UBHL, now in liquidation).
Considering the plea, the High Court has issued notices to concerned banks in this regard.
The bench of Justice R. Devadas passed the order issuing notices to banks, recovery officers, and then adjourned the matter till February 19.
Senior counsel Sajan Poovayya appearing for Vijay Mallya, submitted to the court that it is Rs 6,200 crore which forms the loan amount to be recovered, whereas up to date about Rs 10,200 crores have already been recovered so far. With the complete recovery of the amount of loan even the process of recovery is going on by banks and hence should be issued notice to the Banks to furnish their accounts of this recovered amount as well.
In furtherance, it was argued by the counsel that no order has been made regarding whether a primary amount has been paid or not and requested an interim stay order halting the process of the loan recovery process. It was also prayed that to stay further sales of the petitioner's assets in possession with them.
Counsel Sajan Poovayya further submitted that, as on date, the recovery officer has confirmed payment of Rs 10,200 crore. The official liquidator has claimed that the banks have recovered their money.
Union Finance Minister Nirmala Sitharaman, in a statement before the floor of the Parliament, had stated that Rs 14,000 crore was recovered, he claimed.
Sources say that the notice has been issued to officers attached to the Loan Recovery Tribunal of Chennai, State Bank of India, Bank of Baroda, Union Bank of India, The Federal Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Jammu and Kashmir Bank Limited, Punjab and Sindh Bank, Punjab National Bank, UCO Bank, JM Financial Asset Reconstruction Company Private Limited and official liquidator of the UBHL.
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