Finsamudra Desk
A consortium of Indian lenders led by the State Bank of India (SBI) has informed the Bombay High Court that fugitive businessman Vijay Mallya still legally owes ₹8,751.86 crore (~₹8,752 crore) as of August 31, 2026—directly refuting Mallya’s claim that banks have already recovered more than his total debt.
-1200x675.jpg&w=3840&q=75)
The disclosure was filed via an affidavit opposing Mallya’s petition to quash ongoing money-laundering and Fugitive Economic Offenders Act (FEOA) proceedings on the grounds that his civil liabilities from the defunct Kingfisher Airlines default had been fully settled.
In its submission to the High Court, the SBI-led consortium broke down the exact ledger of realizations versus mounting statutory interest:
Both the SBI-led consortium and the Enforcement Directorate (ED) emphasized before the court that conditional recoveries backed by bank bonds do not constitute final settlement. Furthermore, under Indian jurisprudence, subsequent recovery of defaulted public funds does not absolve a borrower of criminal prosecution for fraud and money laundering.
With the Bombay High Court scheduling the next hearing for October 13, 2026, the SBI consortium’s affidavit underscores a critical banking precedent: for willful defaulters, DRT court-decreed compound interest continues to run relentlessly until every rupee of principal, interest, and legal cost is discharged.
More on SBI
Sources
Finsamudra Desk
In a decisive move reflecting the commercial institutionalization of distributed ledger technology (DLT) within global tier-1 banking, JPMorgan Chase & Co. (NYSE: JPM) has appointed Anuj Jain as Managing Director and Chief Operating Officer (COO) – Chase Digital Assets & Blockchain Solutions.
Markets3 min read
Finsamudra Desk
In a decisive step toward completing its transformation from a microfinance-heavy institution into a full-service universal private lender, Bandhan Bank Limited has announced an aggressive expansion of its proprietary credit card business.
Markets3 min read
Finsamudra Desk
In recognition of nearly two decades of groundbreaking financial leadership that redefined consumer credit across emerging markets, Rajeev Jain, Vice Chairman and Managing Director of Bajaj Finance Limited, has been inducted into the SpeakIn Power List™: Asia’s Most Influential Leaders 2026 (Top CEO List 2026).
Markets3 min read
Finsamudra Desk
In a landmark corporate announcement, Info Edge (India) Limited (parent entity of Naukri.com, 99acres, Jeevansathi, and Shiksha) announced that its founder and Executive Vice Chairman, Sanjeev Bikhchandani, will return to full executive leadership as Managing Director and Group CEO, effective December 3, 2026.
Markets3 min read
Get the Morning Brief
The same daily intelligence 30,000+ CXOs, DSAs and finance professionals follow on LinkedIn, with the Finsamudra take.
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)
-800x450.jpg&w=3840&q=75)