'Indian debt resolution justice...': Vijay Mallya takes a swipe after Subhash Chandra's settlement

Fugitive businessman Vijay Mallya has taken another jab at India's debt recovery framework, claiming that public sector banks have successfully recovered his dues while he continues to be denied justice.

Reacting to media reports about Essel Group chairman Subhash Chandra settling debt claims worth ₹22,006.57 crore for just ₹6.5 crore under the Insolvency and Bankruptcy Code (IBC), Mallya raised questions over how different corporate debt resolutions are handled.

"If True many congratulations to my friend Subhash. Banks and Government have admitted having recovered Rs 14,100 crores from me against a Judgement debt of Rs 6203 crore. Many more borrowers have settled at a fraction. Indian Debt Resolution Justice I presume. No media questions," Mallya wrote in a post on X.

This is not the first time the former Kingfisher Airlines promoter has voiced frustration over asset recoveries. Earlier, Mallya had lashed out following Union Finance Minister Nirmala Sitharaman’s statement in Parliament confirming that public sector banks recovered ₹14,131.60 crore from his seized assets. Mallya argued that the recovered sum was more than double the debt adjudicated by the courts, questioning why he was still classified as an economic offender.

He also pointed out glaring discrepancies in official figures, calling out the government and state-owned banks for presenting conflicting data regarding his debt and recovery metrics.

"How long will the GOI and PSU Banks hoodwink me and the public? Finance Minister says to Parliament that ₹14,100 crores recovered from me. Banks say Rs 10,000 crores recovered. What about the difference of ₹4,000 crores?" he had posted, adding that the Minister of State for Finance claimed he still owed ₹10,000 crore while banks put his outstanding debt at ₹7,000 crore.

Demanding a probe into the calculations, Mallya questioned the absence of clear financial accounting: "No statement of account or credit for amounts recovered. Why not appoint a Retired Judge to investigate and find out the truth, particularly since my judgement debt was ₹6,203 crores."

The central government, however, maintains a firm stance on corporate defaults and fugitives. Union Minister of State for Finance Pankaj Chaudhary previously informed the Lok Sabha that 15 individuals have been declared Fugitive Economic Offenders (FEOs) under the Fugitive Economic Offenders Act, 2018.

According to official figures presented in the House, nine of these offenders were involved in large-scale financial fraud against public sector banks, causing a combined principal financial loss of ₹26,645 crore along with accrued interest of ₹31,437 crore. While total recoveries across these FEO cases have reached ₹19,187 crore, high-profile figures like Vijay Mallya and Nirav Modi remain listed as key fugitives.