Vijay Mallya offers to pay Rs.4,000 crore to banks

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Wednesday, March 30, 2016
New Delhi

Vijay Mallya
Vijay Mallya

Vijay Mallya, Chairman of Kingfisher Airlines offered to pay Rs.4,000 crore to the banks as partial settlement of the carrier’s debts and indicated to the Supreme Court that the atmosphere in India was too vitiated for him to immediately return.

The proposed submitted in a sealed cover on behalf of Mallya includes an assurance to pay Rs.4,000 crore by September to a consortium of banks led by the State Bank of India. He owes to pay Rs.9,000 crore to the lenders. The lawyers of Mallay’s led by senior advocate C.S.Vaidhyanathan told the court on Wednesday. The lender consortium’s lawyers latter said the proposal mentioned further payment of more than Rs.2,000 crore subject to the outcome of a pending suit filed by Mallay’s businesses. The consortium of 13 banks, some of them to the public sector had moved to Supreme Court earlier this month to impound his passport in a bid to restrain him from leaving the country but on March 9, the first of court hearing, Attorney General Mukul Rohatgi told the court that he had left the country.

Taking the proposal on record, the court gave the consortium a week time to respond. ‘It is for you to tell us whether you reject this or not’ said Justice Nariman to the banks.

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