Bombay High Court urges closure of Vijay Mallya recovery dispute
The Bombay High Court told the Enforcement Directorate to confirm whether civil liabilities tied to Vijay Mallya’s asset seizures have been fully settled, urging an end to the long-running case.
In a Wednesday hearing, the Bombay High Court signaled that the protracted recovery case involving former Kingfisher Airlines founder Vijay Mallya should be concluded. Justice Milind Jadhav requested the Enforcement Directorate to verify whether the recovery of about Rs 15,000 crore settles the civil liabilities stemming from the seizure of Mallya’s assets. Senior counsel Amit Desai contended that the ongoing asset attachments and sales over the last six years have made Mallya’s petition ineffective.
The court noted that applications by Mallya and Kamsco Industries have finally been listed after a directive to clear old matters. Mallya, residing in the UK since 2016, had challenged a December 2019 PMLA order that permitted a consortium of banks to use confiscated assets for debt recovery. The judge said a hearing with the ED’s deputy director will determine the case’s further trajectory.
Why it matters
The ruling could finally resolve a high-profile financial dispute affecting banks, creditors and the Indian economy.
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