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In a four-hour-long conversation with entrepreneur and podcaster Raj Shamani, aired on Thursday, Vijay Mallya—former liquor baron and founder of the now-defunct Kingfisher Airlines—offered an emotional and detailed defence of his conduct over the past decade. Speaking candidly, Mallya insisted, "It was always my intention to settle. Never did I say I didn’t want to pay."
According to him, between 2012 and 2015, he made four different settlement offers to banks, none of which were accepted. He recalled meeting the State Bank of India (SBI) chairperson at the bank’s training academy in Hyderabad, where he allegedly offered a substantial repayment plan. "They wanted Rs 14,000 crore, which is why they didn’t accept,” he claimed.
Clarifying the Debt and Repayments
Mallya also addressed the Union Finance Minister Nirmala Sitharaman’s statement in Parliament that Rs 14,000 crore had been recovered. His legal team informed the Karnataka High Court earlier this year that only Rs 6,200 crore was owed and had already been recovered.
He criticised the perception of him as a wilful defaulter, pointing out that Rs 3,000 crore of his personal funds were infused into Kingfisher Airlines from his company, UB Holdings Limited. "Nobody talks about the money I put in. I gave my personal guarantee. Koyi chor kabhi apna personal guarantee deta hai kya?” he asked, stressing that no thief would personally underwrite such a massive financial commitment.
On Kingfisher’s Collapse
Mallya reflected on the early struggles of Kingfisher Airlines and blamed structural and policy issues. He claimed that then Finance Minister Pranab Mukherjee discouraged him from downsizing the airline. He also clarified that Kingfisher never directly borrowed from SBI, but the situation changed when it merged with Air Deccan in 2008, which had existing loans from SBI.
“The merger brought two sets of lenders together, and that’s when SBI became a key player,” he said. He explained that loans were sanctioned based on the airline’s vision and presentations made with the support of Mukherjee and through SBI Capital Markets, even though the airline didn’t meet typical lending norms.
A Plea for Fairness
Mallya admitted the business failed but rejected allegations of siphoning funds for personal luxury or Formula 1. He cited entrepreneur Kiran Mazumdar-Shaw, who publicly stated he "put everything on the line" for Kingfisher. "But that’s not appreciated. That’s sad. Let the narrative be whatever it is,” Mallya added, visibly emotional.
A Controversial Comeback
While Mallya continues to fight extradition from the United Kingdom—where he has lived since March 2016—this podcast signals a renewed effort to reshape public perception. His remarks, particularly the sharp line “Koyi chor kabhi apna personal guarantee deta hai kya?”, are bound to stir debate.
Whether the Indian public or the legal system accepts his version of the story remains uncertain. But one thing is clear: after nine years of silence, Vijay Mallya is ready to talk—and wants to be heard.
