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Bombay High Court Urges Closure in Vijay Mallya Asset Recovery Dispute
The court has sought clarity from the Enforcement Directorate on the completion of asset recovery, as Vijay Mallya's 2020 petition challenging the use of confiscated assets loses relevance.
MUMBAI, India – The Bombay High Court has called for a definitive resolution in the protracted financial dispute involving businessman Vijay Mallya and a consortium of banks, advising all parties to "move on" from the matter.
During recent proceedings, the court directed the Enforcement Directorate (ED) to submit an affidavit clarifying whether the process of recovering assets from Mr. Mallya had been concluded. The court's inquiry aims to ascertain if the settlement of dues is now "done and dusted," indicating a desire to bring finality to the case.
The court's directive comes in the context of a petition filed by Mr. Mallya in 2020. This plea contested a previous court order that permitted an SBI-led consortium of banks to utilise assets confiscated by the ED to recuperate outstanding debts owed by the businessman.
During the hearing, legal representatives for Mr. Mallya asserted that the banks had already recovered approximately Rs 15,000 crore. This figure was presented against the original claimed dues of Rs 6,203.35 crore, which also accrued interest over time. The discrepancy between the recovered amount and the initial claim was highlighted by Mr. Mallya's legal team.
In light of these developments and the passage of time, the Bombay High Court indicated that Mr. Mallya's 2020 petition challenging the use of confiscated assets might have lost its practical relevance. The court's primary objective is to gain a clear understanding from the ED regarding the current status of the asset recovery and settlement process, paving the way for a definitive conclusion to the long-standing financial dispute.
Reporting by the The Indian Morning Post Editorial Desk.
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