Mallya cites Subhash Chandra settlement to renew recovery questions

Bengaluru: Fugitive businessman Vijay Mallya has cited the debt settlement of media baron Subhash Chandra to renew his questions over the amount banks have recovered from him, claiming government figures show recoveries far exceeding his adjudicated debt.In a post on X, Mallya congratulated Chandra after National Company Law Tribunal approved his personal insolvency repayment plan, under which he is to pay Rs 6.5 crore to settle admitted creditor claims of more than Rs 22,000 crore.“If True, many congratulations to my friend Subhash,” Mallya wrote. “Banks and Government have admitted having recovered Rs 14,100 crores from me against a Judgement debt of Rs 6,203 crores. Many more borrowers have settled at a fraction. Indian Debt Resolution Justice I presume. No media questions.”Mallya’s remarks refer to India’s debt resolution framework. While Chandra’s settlement involves a steep haircut for lenders, Mallya has repeatedly questioned why, according to figures cited by the government, recoveries from him have exceeded the amount he says was adjudicated against him.In December last year, Mallya questioned the Centre and public sector banks regarding what he described as conflicting statements on the amounts recovered from him. He demanded an independent investigation into the figures.Mallya had said the finance ministry informed Parliament that Rs 14,100 crore had been recovered from him, while banks had put the recovery figure at about Rs 10,000 crore. He also questioned differing claims about the amount still outstanding.Mallya has argued that the government and lenders should provide a detailed statement accounting for all amounts recovered and credited against his liabilities. He has maintained that an independent inquiry is needed to establish the actual figures.Get the latest Business News and Live updates. Download the TOI app.