'Vijay Mallya Owes ₹8,751 Crore To Bank Consortium': SBI Tells Bombay HC

SBI has told the Bombay High Court that Vijay Mallya owed Rs 8,751.86 crore to a consortium of banks as of August 31, 2026, excluding legal and other expenses. The bank said recovery proceedings remain underway, while 52,84,978 equity shares linked to the case remain attached and unsold.

SBI has told the Bombay High Court that substantial dues from Vijay Mallya remain to be recovered in the Kingfisher Airlines case | AI Generated File Image

Mumbai, October 3, 2026: Fugitive businessman Vijay Mallya still owes more than Rs 8,751 crore to a consortium of banks, the State Bank of India (SBI) has told the Bombay High Court, opposing his plea challenging the attachment of assets linked to the Kingfisher Airlines case.

SBI Details Outstanding Dues

In an affidavit filed before the High Court, SBI said that as of August 31, 2026, the total dues stood at Rs 8,751.86 crore, excluding legal and other expenses. The bank said recovery proceedings were continuing and that substantial amounts were yet to be recovered.

The affidavit was filed in a criminal application moved by Mallya challenging a December 2019 order of the Sessions Court concerning assets attached in connection with an Enforcement Directorate (ED) money-laundering case.

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SBI said the consortium had temporarily recovered Rs 10,269.96 crore, against which a bond undertaking had been given by the banks. It also said Rs 544.58 crore had been recovered before the filing of the Debt Recovery Tribunal (DRT) suit, while Rs 8,135.63 crore, excluding legal and other costs, remained to be recovered.

Shares Remain Attached

The bank further informed the court that 52,84,978 equity shares, which are part of the present proceedings, remained intact and had not been sold. SBI said the shares were among the assets covered by the ED’s money-laundering investigation and had been attached during the proceedings.

The affidavit said the consortium had approached the Sessions Court after the attachment of Mallya’s assets prevented the banks from recovering their dues. The court had subsequently allowed the banks’ application on December 31, 2019, permitting restoration of the assets for recovery in accordance with law.

SBI Seeks Dismissal Of Plea

“The decretal amount runs into crores of rupees,” SBI said, adding that necessary recovery action was still in progress. The bank termed Mallya’s criminal application “completely misconceived” and sought its dismissal.

The development comes against the backdrop of the ED’s stand that recovery of money by banks does not bring the criminal and money-laundering proceedings against Mallya to an end.

The agency, through advocate Ashish Mehta, has maintained that restoration of assets to the banks is a separate statutory process and does not wipe out allegations relating to the alleged diversion of loans and financial irregularities linked to Kingfisher Airlines.

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Court Pulls Up Mallya

During an earlier hearing, the court had also pulled up Mallya over his decision to post the ED’s affidavit on social media platform X. The judge advised Mallya’s lawyers to ask him not to air the dispute on social media, observing that he was “spoiling his own case” by doing so.

The ED had told the court that the affidavit had been emailed to Mallya’s legal team before he uploaded it with what the agency described as derogatory remarks.

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