Another chance for Mallya?

UK-based businessman and alleged financial defaulter Vijay Mallya, on Thursday, got one last chance from the Bombay High Court to return to the country and submit to its jurisdiction if he wants Indian authorities to drop his "fugitive economic offender" tag.

A bench led by Chief Justice Shree Chandrashekhar pulled up the fugitive businessman for seeking relief from an Indian court while remaining abroad.

"If you do not return, we cannot hear your petition. You are evading the court process," the bench said.

The court was hearing Mallya's petition challenging the constitutional validity of the Fugitive Economic Offenders Act (FEOA) and the proceedings declaring him a fugitive economic offender.

"You can't ask for equitable relief while deliberately avoiding court proceedings," the bench said.

The court refused to hear Mallya's plea unless he indicated his intention to come back to the country and gave him one last chance to clarify his stand on the issue.

"Nevertheless, in fairness, we are not dismissing the matter and are giving you (Vijay Mallya) another chance," the bench said.

The businessman fled the country and stayed abroad after being accused of financial irregularities related to loans running into thousands of crores.

Fixing the next court hearing on February 18, the court asked Mallya to file an affidavit clearly saying when he plans to come to India.

According to the Finance Ministry, Vijay Mallya of Kingfisher Airlines is among the 15 persons declared as Fugitive Economic Offenders as on October 31, 2025, for causing a loss of more than Rs 57,000 crore to various Indian banks.

Mallya caused a loss, in principal amount, of Rs 6,848 crore and a loss in interest of Rs 11,960 crore to the State Bank of India.

Till October 31, 2025, the bank recovered Rs 10,814 crore from Mallya, according to the Finance Ministry.

Earlier, the Enforcement Directorate (ED) told the court that Mallya had filed an affidavit disputing banks' claims and was attempting to convert the money laundering matter into recovery proceedings.

The central probe agency submitted that Mallya challenged the FEOA only after being declared a fugitive and when extradition proceedings against him in London were at an advanced stage.