Mumbai: The Bombay High Court has said that the commercial dispute between fugitive businessman Vijay Mallya, who is wanted in India over a default of Rs 9000 crore, and the banks must now come to an end.
Mallya had borrowed the money for erstwhile Kingfisher Airlines (KFA) from several banks. Mallya had fled to the UK in March 2016. Thereafter, he was declared a “fugitive economic offender” in 2019. This gave power to the authorities to confiscate his properties under the law.
In 2020, he challenged the order passed by a special Prevention of Money Laundering Act (PMLA) court. The court had permitted the State Bank of India-led consortium of banks to utilise his assets, which had been attached by the Enforcement Directorate (ED).
A single-judge bench of Justice Milind Jadhav heard his petition this week. The court observed, as per a HT report, that if the parties involved “do not move” past this dispute, it will have affect the country’s economy.