Vijay Mallya offers to pay Rs 4,000 crore in six months

Vijay Mallya's company Kingfisher Airlines owes over Rs. 9,400 crore to scheduled banks.

Chairman of now defunct Kingfisher airline Vijay Mallya has offered to pay Rs 4,000 crore by September against an outstanding loan of Rs 9,000 crore.

Mallya offered to pay Rs 2,000 crore upfront and remaining Rs 2,000 crore by September end.

Local news outlets reported that the offer was made by Mallya’s counsel CS Vaidyanathan in the Supreme Court that is hearing the plea made by lender banks.

But his counsel remained silent on the issue of whether Mallya intended to return to India from London or not

The SC allowed the consortium of banks to respond within a week’s time to Mallya’s proposal and posted the matter for hearing on the 7th of next month.

Vijay Mallya was known for his flamboyant lifestyle.

Vijay Mallya was known for his flamboyant lifestyle.

Mallya had left India on the March 02, and is believed to be in London. He left just days before Supreme Court was to hear a plea of public sector banks that wanted the court to stop Mallya from leaving the country.

Mallya has also been summoned by Enforcement Directorate to make a personal appearance before its investigating officer in Mumbai on April 02. ED is probing a money laundering case under PMLA regarding a loan of Rs. 900 crore obtained from public sector bank IDBI.

Prime Minister and Finance Minister have warned big bank defaulters like Vijay Mallya, who have officially been declared willful defaulters by public sector banks, either to return the loan amount or face consequences.

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