Mallya has approached the Courtroom looking for detailed statements of accounts from banks on the debt UBHL borrowed and the quantities which were recovered up to now.
Senior advocate Sajan Poovayya, showing for Mallya, contested the stand taken by banks that they can't think about the quantity recovered by way of courts as closing in view of the pendency of court docket proceedings. The banks, he mentioned, have already recovered their due from Mallya and therefore, banks should not levy curiosity on the recovered sum as they have been very a lot utilizing the cash.
UB Holdings was the borrower for which Mallya had stood assure, he mentioned and added that the restoration certificates from the debt restoration tribunal was for the restoration of Rs 6203 crore with an additional curiosity at 11.5 %.
The enforcement directorate's July 16, 2021, press launch mentioned the quantity recovered was Rs. 7181 crore, however Rs 10,040 crore had already been recovered as per the restoration proceedings. The Finance Minister, the senior advocate mentioned, has knowledgeable the Parliament that PSU banks have been restored with hooked up property of about Rs 14,000 crore.
Mallya, in a submit on X, final month, mentioned the “Indian Public Sector Banks who declare monies from me as a guarantor ought to be ashamed that they haven't but submitted an correct assertion of account of recoveries made regardless of the Union Finance Minister clearly stating that Rs 14,100 crores have been restored to the exact same Banks.” He, nonetheless, added that he wouldn't pursue authorized motion in England until the Indian Public Sector Banks got here clear as “I've a justified counter declare that may be adjudicated solely in India.”
