SBI Tells Bombay High Court Vijay Mallya Still Owes Over Rs 8,751 Crore
The State Bank of India informed the Bombay High Court in Mumbai on October 3, 2026, that fugitive businessman Vijay Mallya still owes Rs 8,751.86 crore to a consortium of lenders. The bank submitted an affidavit opposing Mallya's criminal application challenging the attachment of assets linked to the Kingfisher Airlines money-laundering case.
According to the affidavit filed before the High Court, the outstanding dues stood at Rs 8,751.86 crore as of August 31, 2026, excluding legal and other expenses. SBI stated that recovery proceedings were actively continuing and that substantial sums were yet to be recovered, calling the businessman's plea "completely misconceived" and urging the court to dismiss it.
SBI detailed the financial recoveries made so far by the consortium of banks. The lenders have temporarily recovered Rs 10,269.96 crore, against which a bond undertaking was submitted by the banks. Furthermore, Rs 544.58 crore had been recovered before the filing of the Debt Recovery Tribunal suit, leaving Rs 8,135.63 crore, excluding legal and other costs, still to be recovered.
The bank also apprised the court of specific attached assets, confirming that 52,84,978 equity shares involved in the ongoing proceedings remain intact and have not been sold. SBI noted that the shares formed part of the assets covered under the Enforcement Directorate's money-laundering probe and were attached during those proceedings.
The consortium had originally approached the Sessions Court after the initial attachment of Mallya's properties prevented lenders from recovering their debts. On December 31, 2019, the Sessions Court allowed the banks' plea, permitting the restoration of the assets for recovery under the law, an order Mallya subsequently challenged in the High Court.
Appearing for the Enforcement Directorate, advocate Ashish Mehta maintained that the restoration of assets to banks does not conclude the criminal proceedings against Mallya. The agency argued that the return of assets is an independent statutory mechanism that does not erase allegations regarding loan diversion and financial irregularities. The court had also recently admonished Mallya for posting the agency's affidavit on social media platform X, warning that he was spoiling his own case.
