SBI-led banks say Vijay Mallya still owes Rs 8,752 crore
The State Bank of India‑led consortium told the Bombay High Court that, despite recoveries of more than Rs 10,000 crore, the fugitive businessman still owes about Rs 8,752 crore.
What the banks say
A group of lenders led by State Bank of India (SBI) filed an affidavit with the Bombay High Court indicating that Vijay Mallya still owes ₹8,752 crore. The affidavit, filed in compliance with a court direction, notes that a debt‑recovery officer has “temporarily recovered” ₹10,270 crore under a bond undertaking, and an additional ₹544.58 crore was recovered before a suit was lodged in the Debt Recovery Tribunal.
The banks added that, after excluding legal and other expenses, the outstanding amount was ₹8,135.63 crore in the January 2026 filing. Subsequent accruals pushed the figure to ₹8,751.86 crore as of 31 August 2026.
Mallya’s claim
Mallya has consistently argued that the banks have already recovered more than the amount he originally owed. In a 2020 filing, he sought to quash criminal proceedings, asserting that the dispute with lenders was settled because “the banks have fully recovered their dues.” The latest bank affidavit directly refutes that position, stating that substantial sums remain legally recoverable.
Parallel legal tracks
The case proceeds on two fronts.
- Civil recovery – The consortium is pursuing the remaining dues through the Debt Recovery Tribunal and by attaching unsold shares.
- Criminal prosecution – The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) continue investigations under the Prevention of Money‑Laundering Act (PMLA). The ED has informed the court that assets worth ₹14,132 crore have been restored to SBI, but it stresses that civil recoveries do not extinguish the pending criminal charges.
Upcoming hearing
The Bombay High Court has scheduled the next hearing for 13 October 2026. At that hearing, the consortium will argue that Mallya’s application to dismiss the money‑laundering case lacks merit, while Mallya is expected to maintain that the banks’ recoveries exceed his liability.
Key numbers at a glance
| Figure | Value (₹ crore) | Attribution |
|---|---|---|
| Outstanding liability (31 Aug 2026) | 8,752 | SBI‑led consortium affidavit |
| Amount already recovered | 10,270 | SBI‑led consortium affidavit |
| Pre‑DRT recovery | 544.58 | SBI‑led consortium affidavit |
| Outstanding amount (Jan 2026) | 8,135.63 | SBI‑led consortium affidavit |
| Assets returned to SBI (ED) | 14,132 | Enforcement Directorate submission |
| Next court date | 13 Oct 2026 | Bombay High Court schedule |
What this means
If the court upholds the banks’ claim, Mallya will continue to face a massive financial liability even as he fights to have criminal proceedings dropped. Conversely, a ruling in his favour could pressure lenders to revisit the valuation of recovered assets and possibly renegotiate the remaining dues.
Key numbers
| What | Figure | Source |
|---|---|---|
| Outstanding liability (31 Aug 2026) | ₹8,752 crore | SBI‑led consortium affidavit |
| Amount already recovered | ₹10,270 crore | SBI‑led consortium affidavit |
| Pre‑DRT recovery | ₹544.58 crore | SBI‑led consortium affidavit |
| Outstanding amount (Jan 2026) | ₹8,135.63 crore | SBI‑led consortium affidavit |
| Assets returned to SBI (ED) | ₹14,132 crore | Enforcement Directorate submission |
| Next court date | 13 Oct 2026 | Bombay High Court schedule |
In this story
| Name | Role in the story |
|---|---|
| Vijay Mallya | Fugitive businessman, former chairman of United Breweries Group |
| State Bank of India | Lead lender in the consortium filing the affidavit |
| Bombay High Court | Venue of the legal proceedings |
