The Supreme Court has directed the banks consortium to respond to the proposal within a week.

Mallya submits proposal for repayment of Rs 4000 cr
news Mallya Row Wednesday, March 30, 2016 - 13:00

Vijay Mallya on Wednesday offered to pay back 4000 crore towards repayment of bad debts by September 30 in the Supreme Court.

The Supreme Court has directed the banks consortium to respond to the proposal within a week. The next hearing is set for April 7.

The proposal was submitted through Sr. Advocate CS Vaidyanathan who represented Mallya in court.

Mallya’s lawyers told the court that there’s no urgent need for him to return and he’s available via video conferencing. 

The court told Mallya that the media stands for public interest and they just want you to pay the money back.

Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2 for London, days before the Supreme Court heard a plea of a clutch of state-owned banks seeking recovery from his group firms.

Mallya and Kingfisher Airlines owed Rs 7,800 crore to a consortium of 17 lenders led by State Bank, which had an exposure of over Rs 1,600 crore to the now defunct airline.

Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).

UCO Bank has to recover Rs 320 crore, Corporation Bank (Rs 310 crore), State Bank of Mysore, (Rs 150 crore), Indian Overseas Bank (Rs 140 crore), Federal Bank (Rs 90 crore), Punjab & Sind Bank (Rs 60 crore) and Axis Bank (Rs 50 crore).

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