1 day ago
SBI-Led Consortium Says ₹8,752 Crore Remains Due From Mallya
Banks led by the State Bank of India say Vijay Mallya still owes them money.
They told the Bombay High Court that about ₹8,752 crore remained unpaid on August 31, 2026.
The lenders also described money recovered temporarily under a bond and another amount recovered before a tribunal case.
They said the outstanding total had risen from a January 2026 figure because of later accruals.
Mallya says the banks have recovered more than the debt he was ordered to pay.
He wants the criminal case against him to end.
The Enforcement Directorate says giving recovered assets back to a bank does not automatically end a criminal case.
The court is scheduled to hear the matter again on October 13.
An SBI-led consortium told the Bombay High Court that ₹8,751.86 crore remained outstanding as of August 31, 2026, excluding legal and other expenses.
The lenders said ₹10,269.96 crore had been temporarily recovered under a bond undertaking and ₹544.58 crore before the Debt Recovery Tribunal suit.
One affidavit cited ₹8,135.63 crore outstanding as of January 2026; lenders said subsequent accruals increased the amount by August.
Mallya argues that recoveries exceeding the adjudicated debt justify ending criminal proceedings; the consortium opposes his plea.
The Enforcement Directorate says asset restoration to SBI does not extinguish pending money-laundering proceedings; the next hearing is scheduled for October 13.
- Who
- Vijay Mallya, an SBI-led consortium of banks, the Enforcement Directorate and the Central Bureau of Investigation.
- What
- The lenders told the Bombay High Court that ₹8,751.86 crore remained outstanding and opposed Mallya’s plea to end criminal proceedings.
- Where
- The Bombay High Court, Mumbai, India.
- When
- The outstanding amount was stated as of August 31, 2026; the next hearing is scheduled for October 13, with no year specified for that date.
- Why
- The dispute concerns whether bank recoveries settle the outstanding dues or affect the separate criminal proceedings.
Lenders and Enforcement Directorate
Vijay Mallya
Whether dues remain outstanding
Lenders and Enforcement Directorate
The consortium says ₹8,751.86 crore remained recoverable as of August 31, 2026, and that subsequent accruals increased the earlier outstanding figure.
Vijay Mallya
Mallya maintains that the banks have recovered more than the amount owed, including more than the original adjudicated debt.
Whether recoveries should end criminal proceedings
Lenders and Enforcement Directorate
The ED says restoration of assets is a restitution process and does not extinguish pending proceedings under the Prevention of Money Laundering Act.
Vijay Mallya
Mallya argues that recoveries exceeding the adjudicated debt warrant closure of the criminal proceedings.
Mallya’s challenge to the earlier order
Lenders and Enforcement Directorate
The lenders say his challenge to the December 31, 2019 order is misconceived and should be dismissed.
Vijay Mallya
Mallya has applied to quash the money-laundering case and challenge the earlier order.
Key facts
- Outstanding dues
- ₹8,751.86 crore as of August 31, 2026, excluding legal and other expenses.
- Earlier outstanding figure
- ₹8,135.63 crore as of January 2026, according to the reports.
- Temporary recovery
- ₹10,269.96 crore, backed by a bond undertaking, according to one affidavit; other reports round this to ₹10,270 crore.
- Other recovery
- ₹544.58 crore recovered before the Debt Recovery Tribunal suit was filed.
- Assets returned to SBI
- The Enforcement Directorate said assets worth approximately ₹14,132 crore had been restored.
- Attached shares
- SBI said 52,84,978 equity shares in the proceedings remained intact and unsold.
- Next hearing
- Scheduled for October 13; the reports do not specify the year.
Quotes
Enforcement Directorate
Indian agency investigating alleged money laundering.
“The restoration of assets under Section 8(8) of the PMLA is a statutory mechanism for restitution to a claimant having a legitimate interest in the property and does not, by itself, determine the existence of the scheduled offence or the offence of money laundering.”
businesstoday.in
“The subsequent restoration/ recovery of assets, therefore, cannot be construed as extinguishing or rendering infructuous the pending proceedings under the PMLA.”
businesstoday.in
Sources
'Vijay Mallya Owes ₹8,751 Crore To Bank Consortium': SBI Tells Bombay HC
Vijay Mallya Owes ₹8,752 Crore To SBI-Led Consortium, Lenders Tell Bombay High Court
SBI led banks tell Bombay High Court ₹8,752 crore still recoverable from Vijay Mallya: Report
SBI-led consortium tells Bombay HC Mallya owes over ₹8,700 crore; counters his claim of recovering more than dues
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