Vijay Mallya Blames Kingfisher Collapse on Rejected Rescue Plan, Says “I Went to Pranab Mukherjee”
In a rare public conversation, fugitive businessman Vijay Mallya has shared fresh insights into the downfall of Kingfisher Airlines, claiming that his request to then Finance Minister Pranab Mukherjee to downsize the airline was turned down — a move he says worsened the company’s financial collapse.
Speaking on a podcast with YouTuber Raj Shamani, Mallya reflected on how Kingfisher Airlines, launched in 2005 and initially celebrated for its premium in-flight service, began to struggle during the 2008 global financial crisis. “The money dried up, and the rupee’s value fell,” he recalled, noting how the airline, like many businesses at the time, was hit hard by the economic downturn.
Realising the company could no longer sustain full operations, Mallya said he approached Pranab Mukherjee with a plan to scale back the fleet, reduce staff, and cut costs. “I went to Shri Pranab Mukherjee and told him I had a problem. I wanted to downsize to survive,” Mallya said. “But I was told not to downsize. I was assured that banks would support me. That’s how it all started.”
Despite those assurances, Kingfisher eventually ceased operations as mounting debts and losses made continuation impossible.
“Offered to Repay, But Rejected”
Mallya also addressed long-standing allegations of financial misconduct and fraud. He claimed he made four different settlement offers to Indian banks, all of which were turned down. “I asked for a formal statement of account 15 times and never received one,” he said, adding that the total loan amount was only revealed during a parliamentary session.
While many media reports quote the Kingfisher debt at ₹9,000 crore, Mallya cited Debt Recovery Tribunal records showing the figure as ₹6,203 crore. “I’ve paid more than what I owe. Why am I still being called a ‘chor’?” he questioned.
He reiterated his willingness to stand trial — not for any criminal action, he claims, but over alleged bad intent — a charge he firmly denies.
News Source : Information for this article was gathered from a variety of reliable news outlets.
