‘Time to move on,’ says HC on Vijay Mallya’s plea against recovery

The Bombay High Court has stated that it is time to conclude a long-standing dispute regarding the recovery of Vijay Mallya, the former founder of Kingfisher Airlines. Senior Counsel Amit Desai for Mallya argued that the petition against the seizure of his assets had become futile after seizures and sales over the past six years.

Justice Milind Jadhav remarked that the matter needs to be resolved and that if not, it would negatively impact relations and the country's economy. The court sought clarification from the Enforcement Directorate (ED) on whether the civil liabilities have been fully settled with the recovery of Rs 15,000 crore. Mallya's civil liabilities are believed to be effectively settled as the consortium of banks has recovered approximately Rs 15,000 Crores from him, compared to his original claim of Rs 6203 Crores, including interest.

The Enforcement Directorate had confiscated Mallya's assets in alleged claims of Rs 6,203 crore. Mallya has been residing in the UK since 2016. The ED had to confirm Mallya's plea, and only after hearing the deputy director of the ED would the High Court decide on the next steps in the case.