Fugitive businessman Vijay Mallya on Tuesday criticised Indian public sector banks for allegedly withholding details of recoveries made from his assets, saying they should be “ashamed” for not presenting a full account despite official confirmation of recovered funds.
In a post on social media platform X (formerly Twitter), Mallya wrote, “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 same Banks.”
He further stated that he would not take any legal steps in the United Kingdom until Indian banks disclose the complete recovery details. “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,” Mallya said.
Also Read: Vijay Mallya discontinues bankruptcy annulment application in UK
The remarks come amid ongoing legal proceedings concerning the recovery of dues owed by Mallya’s now-defunct Kingfisher Airlines. Indian authorities have maintained that significant assets linked to Mallya were seized and proceeds used to repay part of the outstanding debt.
Mallya withdraws bankruptcy annulment plea in UK
In a related development, Mallya has withdrawn his application seeking to annul a UK bankruptcy order, ahead of a scheduled High Court hearing in London.
The move allows the “Trustee in Bankruptcy” to continue pursuing his assets to help a consortium of Indian banks, led by the State Bank of India (SBI), recover an estimated judgment debt of around 1.05 billion pounds linked to Kingfisher Airlines.
A scheduled hearing to set directions for the annulment plea was vacated after Mallya’s legal team filed a notice of discontinuance last week.
“Vijay Mallya’s Trustee in Bankruptcy will be able to continue with their work in investigating and realising assets falling within his bankruptcy estate without any hindrance that this application might have caused them,” UK law firm TLT LLP, representing the banks, said in a statement.
Earlier in April, Justice Anthony Mann of the UK High Court had upheld the bankruptcy order dating back more than four years, stating, “The bottom line in relation to this is that the bankruptcy order stands.”
Mallya’s annulment plea, filed through law firm Zaiwalla & Co., had argued that the banks’ debts had already been recovered in India. The discontinuation of the plea reportedly follows limited progress on a related writ petition filed in India seeking details of recoveries made by the banks.
Legal experts indicate that Mallya could revive the annulment application at a later stage, depending on the outcome of proceedings in India.
The case stems from 2017, when Indian banks registered a Debt Recovery Tribunal judgment in UK courts based on a personal guarantee Mallya had provided for Kingfisher Airlines loans. The banks were later granted a worldwide freezing order, which culminated in a bankruptcy order against Mallya on July 26, 2021.
Meanwhile, Mallya continues to remain on bail in the UK while a “confidential” legal matter, believed to relate to an asylum application, is under consideration.
In a post on social media platform X (formerly Twitter), Mallya wrote, “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 same Banks.”
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
He further stated that he would not take any legal steps in the United Kingdom until Indian banks disclose the complete recovery details. “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,” Mallya said.
Also Read: Vijay Mallya discontinues bankruptcy annulment application in UK
The remarks come amid ongoing legal proceedings concerning the recovery of dues owed by Mallya’s now-defunct Kingfisher Airlines. Indian authorities have maintained that significant assets linked to Mallya were seized and proceeds used to repay part of the outstanding debt.
Mallya withdraws bankruptcy annulment plea in UK
In a related development, Mallya has withdrawn his application seeking to annul a UK bankruptcy order, ahead of a scheduled High Court hearing in London.
The move allows the “Trustee in Bankruptcy” to continue pursuing his assets to help a consortium of Indian banks, led by the State Bank of India (SBI), recover an estimated judgment debt of around 1.05 billion pounds linked to Kingfisher Airlines.
A scheduled hearing to set directions for the annulment plea was vacated after Mallya’s legal team filed a notice of discontinuance last week.
“Vijay Mallya’s Trustee in Bankruptcy will be able to continue with their work in investigating and realising assets falling within his bankruptcy estate without any hindrance that this application might have caused them,” UK law firm TLT LLP, representing the banks, said in a statement.
Earlier in April, Justice Anthony Mann of the UK High Court had upheld the bankruptcy order dating back more than four years, stating, “The bottom line in relation to this is that the bankruptcy order stands.”
Mallya’s annulment plea, filed through law firm Zaiwalla & Co., had argued that the banks’ debts had already been recovered in India. The discontinuation of the plea reportedly follows limited progress on a related writ petition filed in India seeking details of recoveries made by the banks.
Legal experts indicate that Mallya could revive the annulment application at a later stage, depending on the outcome of proceedings in India.
The case stems from 2017, when Indian banks registered a Debt Recovery Tribunal judgment in UK courts based on a personal guarantee Mallya had provided for Kingfisher Airlines loans. The banks were later granted a worldwide freezing order, which culminated in a bankruptcy order against Mallya on July 26, 2021.
Meanwhile, Mallya continues to remain on bail in the UK while a “confidential” legal matter, believed to relate to an asylum application, is under consideration.
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