Bengaluru, Nov 4 (NationPress) Vijay Mallya, the notorious liquor magnate, has approached the Karnataka High Court with a petition submitted on Tuesday, requesting comprehensive details regarding the assets that have been seized and his outstanding debts.

After a series of arguments from both sides, the court has rescheduled the hearing for November 12.

In his petition, Mallya requested information on the assets that have been confiscated by the banks due to his loan defaults. He also stated that the banks should cease charging interest on the amounts they have already recovered.

Senior counsel Sajan Poovayya argued that due to ongoing proceedings under the Prevention of Money Laundering (PMLA) Act, Mallya's assets were attached, resulting in approximately Rs 10,000 crore being recovered.

He emphasized, "More than what was owed has been recouped, and Mallya is now requesting a detailed account of the recoveries made by the banks up to this point."

According to the recovery certificate, the amount sought for recovery is Rs 6,203 crore with an interest rate of 11.5%. A media statement released by the Enforcement Directorate (ED) on July 16, 2021, indicated that Rs 7,181 crore had been recovered. The total recovery proceedings reported Rs 10,040 crore.

The counsel further noted that a submission by the official liquidator indicated that the consortium of banks had already recouped more than the owed amount.

During the hearing, Justice Lalitha Kanneganti, presiding over the single-judge bench, inquired of Sajan Poovayya, representing Mallya, "Why haven't you sought a petition before the company court? How can you request such financial details from the banks through a writ petition?"

Arguing in court, Poovayya stated that filing a writ petition before the High Court is Mallya's constitutional right.

The High Court noted that Mallya had failed to appear before the Supreme Court regarding the contempt case and had not attended various court proceedings nationwide. In light of this, the court questioned how he could assert his right to file a writ petition.

Representing the banks, senior advocate Vikram Huilgol argued that Mallya had fled the country and become a fugitive. He stated that if Mallya were truly innocent, he should return to India and engage in the judicial process, rather than appearing in court only when convenient.

The judge ordered the banks' counsel to submit their objections and postponed the hearing to November 12.