Mumbai:
The Bombay High Court has said that the commercial dispute between fugitive businessman Vijay Mallya and the banks must now come to an end.
Mallya is wanted in India over a default of Rs 9,000 crore that was loaned to erstwhile Kingfisher Airlines (KFA) by several banks. Mallya, who fled to the UK in March 2016, was declared a “fugitive economic offender” in 2019, enabling authorities to confiscate his properties under the law.
In 2020, he challenged an order passed by a special Prevention of Money Laundering Act (PMLA) court which permitted the State Bank of India-led consortium of banks to utilise his assets that had been attached by the Enforcement Directorate (ED).
A single-judge bench of Justice Milind Jadhav heard his petition this week and said if the parties involved “do not move” past this dispute, it will have a direct and negative impact on the country’s economy.
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