22K Cr loans Taken, But Paying Only Rs 6 Cr: What’s Vijay Mallya Reaction?

It has become increasingly common for individuals to cheat banks and other credit sources for huge money these days and this is primarily happening in Private business stream.

Now we have witnessed a significant development in this regard and let us have a look into this matter where a business man has gotten away with more than 99% of loan default.

Going into the story, the National Company Law Tribunal (NCLT) approved a personal insolvency repayment plan for Zee Group founder Subhash Chandra to pay just ₹6.5 crore to settle admitted creditor claims totaling ₹22,006.57 crore.

This translates to a staggering 99.97% of the loans that he had taken from lenders will not be paid against a microscopic 0.03% recovery rate.

The fact that a businessman who took more than ₹22,000 crore in loans from banks is having to pay back just ₹6 crore in return is shocking everyone.

This has now invited very interesting reaction from Vijay Mallya, who presented his case rightful in front of the Media as he had a strong reaction.

Vijay Mallya questions why he has faced recoveries of ₹14,100 crore against a ₹6,203 crore judgment debt, while citing Subhash Chandra’s reported NCLT-approved repayment plan as an example of disparity.

Mallya asked whether this amounts to “Indian debt resolution justice.” This comes at a time when he is away from the country as a convict while there are legal proceedings that are being carried out against him. The disparity in justice is being pointed out by Vijay Mallya here.