‘It was always my intention to settle’: In new podcast, Vijay Mallya speaks on Kingfisher Airlines case after 9 years
After nearly a decade of silence on the turbulent collapse of Kingfisher Airlines and the legal battles that followed, Vijay Mallya, the flamboyant former liquor baron and airline magnate, has finally spoken out. Recently, in a four-hour podcast episode titled Figuring Out with YouTuber Raj Shamani, Mallya shared a rare and candid insight. During this session, he discussed the rise and fall of Kingfisher Airlines, his ongoing disputes with Indian banks, and his personal thoughts on the allegations against him.
The Rise and Fall of Kingfisher Airlines: A Dream Deferred
Kingfisher Airlines once symbolized luxury and ambition in Indian aviation. Launched in 2005, the airline quickly won over passengers with its premium service and stylish branding. Vijay Mallya, known as the “King of Good Times” for his extravagant lifestyle, dreamed of Kingfisher becoming a game-changer in India’s aviation sector.
However, the success did not last long. The global financial crisis of 2008 severely hit the aviation industry worldwide, including Kingfisher. Moreover, rising fuel prices, tough competition from low-cost carriers, and operational issues drained the airline’s finances. Despite early success, growing debts pushed the company toward insolvency.
In the podcast, Mallya admitted that the airline’s downfall was painful. Still, he insisted that he always aimed to resolve the financial issues responsibly. According to him, he made multiple attempts to settle with the banks. Unfortunately, these attempts were ignored or rejected, which prolonged the conflict.
The Debt Controversy and Allegations
Kingfisher Airlines accumulated debt estimated to be over ₹9,000 crore. Indian banks declared the loans as non-performing assets and labeled Mallya a defaulter who fled the country to avoid repayment. Investigative agencies pursued him for alleged money laundering and financial fraud.
Nevertheless, Mallya challenged these allegations during the podcast. He said, “It was always my intention to settle” the debts. Between 2012 and 2015, he claimed to have made four formal settlement offers. Furthermore, he criticized the banks for not cooperating or engaging in a genuine dialogue.
Mallya also pointed to figures from India’s Finance Ministry. These show banks have recovered over ₹14,000 crore from him—more than double the amount the Debt Recovery Tribunal declared. Consequently, he questioned how such recovery was possible if he had defrauded the banks.
These claims add complexity to the story that has long painted Mallya as a fugitive. He expressed frustration at being called a “fugitive” or “thief” without acknowledgment of his repayment efforts.
The Question of Returning to India
One of the most discussed parts of the podcast was Mallya’s stance on returning to India. Legal proceedings have sought his extradition from the UK, where he lives. The extradition process has faced many hurdles and remains complicated.
He said he would return if he got assurances of a fair trial and humane treatment. Moreover, he expressed concerns about detention conditions in India. He argued that long detention without trial is not justice. To support his argument, Mallya cited a UK High Court ruling that criticized India’s detention conditions in a separate case.
His willingness to return under fair conditions contrasts with past perceptions. Before, many thought he refused to face Indian courts. This new stance shows openness to resolving matters legally.
A Message to Former Kingfisher Employees
Perhaps the most heartfelt part of the podcast was Mallya’s apology to former Kingfisher employees. The airline’s shutdown left thousands without jobs. Many did not receive full salaries or severance. Understandably, this hardship remains a sensitive issue.
Mallya expressed deep regret for their suffering. He took full responsibility for the airline’s collapse. Additionally, he said he had no excuses and recognized the impact on many lives. This apology, rare in public, revealed a more reflective side of the businessman.
Reflections on Indian Business and Regulatory Environment
Mallya also shared his views on India’s business environment. He described the “ease of doing business” as more myth than reality. According to him, a culture of strict rules and bureaucracy persists, no matter who governs.
He said these challenges affected Kingfisher and his other ventures. His remarks highlight the difficulties entrepreneurs face in India, especially those under political and legal scrutiny.
The Road Ahead: What Comes Next?
Mallya’s podcast marks a turning point in the Kingfisher story. After years of silence, he offers a new perspective that invites people to rethink their views. Nevertheless, legal and ethical questions remain.
The key questions now are:
- Will Mallya take steps to return to India under fair conditions?
- Can Mallya and lenders reach a final settlement to close financial disputes?
- How will courts and regulators respond to his new statements and willingness?
The Kingfisher Airlines collapse involves complex financial, legal, and political factors. However, Mallya’s new statements add fresh context. His claim of wanting to settle, his apology to employees, and his concerns about fair trial conditions show the story isn’t just black and white.
Conclusion
The fall of Kingfisher Airlines is one of India’s most notable corporate failures. Mallya’s lavish lifestyle and huge debts made the case a media sensation and symbol of alleged corporate mismanagement.
Yet, in this podcast, Mallya paints a different picture. He says he faced extraordinary challenges and always wanted to fix the issues. Furthermore, he shows a willingness to return for trial if treated fairly. His apology to former employees adds a human touch to the story.
As this chapter unfolds, many will watch to see if this dialogue leads to justice or more conflict. For now, Mallya’s voice after nine years offers a more nuanced view of a saga that shaped Indian aviation and business history.
