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Bengaluru, Nov 4 (IANS) Fugitive liquor baron Vijay Mallya on Tuesday filed a petition before the Karnataka High Court seeking details of seized assets and outstanding loans.
After arguments and counter-arguments, the court adjourned the hearing till November 12.
Vijay Mallya, through his petition, had sought details of the properties seized so far by banks in connection with his loan default. The petition also said that banks should stop charging interest on the amount already recovered by them.
Senior advocate Sajan Poovayya submitted that due to the proceedings under the Prevention of Money Laundering (PMLA) Act, Mallya’s properties were attached and around Rs 10,000 crore was recovered.
He further said, “More than the outstanding amount has been recovered and Mallya is now seeking detailed account of the recoveries made so far by the banks.”
He said the recovery certificate was for recovery of Rs 6,203 crore with 11.5 per cent interest. According to the media statement of the Enforcement Directorate (ED) on July 16, 2021, the amount recovered was Rs 7,181 crore. As per the recovery proceedings, Rs 10,040 crore was recovered.
The counsel further stated that as per the submission made by the official liquidator before the court, the consortium of banks has already recovered more than the amount due.
During the hearing of the writ petition, Justice Lalita Kanneganti, presiding over a single-judge bench, asked lawyer Sajan Poovayya, representing Mallya, “Why did you not file the petition before the company court? How can you seek such financial details from the banks through the writ petition?”
Arguing before the court, senior advocate Sajan Poovayya said that it is Mallya’s constitutional right to file a writ petition before the High Court.
The High Court intervened during the hearing saying that Mallya has failed to appear before the Supreme Court in the contempt of court case. He also did not appear in various court proceedings across the country. In such a situation, the court asked how can he claim the right to file a writ petition?
Arguing on behalf of the banks, senior lawyer Vikram Huilgol said that Mallya has fled the country and has become a fugitive. If he was really innocent then he should have returned to India and participated in the judicial process. He argued that instead, he appears before the court only when it is convenient for him.
The judge directed the banks’ counsel to file their objections and adjourned the hearing to November 12.
–IANS
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