India, Oct. 15 -- A simmering dispute between the former chairman of the defunct Kingfisher Airlines, Indian businessman Vijay Mallya, and Indian banks who had lent the company money has escalated exponentially and will likely manifest in courtrooms. The sharp disagreement is over Mallya claiming that more than the sum owed has been realised by the banks and accounts not provided; whereas the banks' position is to the contrary.

Kingfisher Airlines, once enjoying a large chunk of market share in Indian civil aviation, closed down in 2012. Mallya, who had given his personal guarantee, against the firm's borrowings, thereby became liable to repay the banks. In 2017, a debt recovery tribunal (DRT) determined Rs.6,204 crore was payable.

The ...