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  1. Vijay Mallya Rs 4,000 cr loan repayment offer rejected, SC seeks asset disclosure

Vijay Mallya Rs 4,000 cr loan repayment offer rejected, SC seeks asset disclosure

The banks have also told the apex court that Vijay Mallya and his company have revised initial offer but its still unacceptable and want entire Rs 9,000 cr repaid with interest.

By: | Updated: April 7, 2016 5:36 PM
Vijay Mallya, Vijay Mallya arrest, Vijay Mallya debt, Vijay Mallya loans, Vijay Mallya sbi, State Bank of India, Kingfisher Airlines SBI-led consortium of banks on Thursday rejected beleaguered liquor baron Vijay Mallya’s loan repayment proposal of shelling out Rs 4,000 crore by September. (Photo: Reuters)

SBI-led consortium of banks on Thursday rejected beleaguered liquor baron Vijay Mallya’s loan repayment proposal of shelling out Rs 4,000 crore by September.

The banks have also told the apex court that Mallya and his company have revised initial offer but its still unacceptable and want entire Rs 9,000 cr repaid with interest. They further added that it is absolutely necessary for Mallya to remain present for talks, and sought full disclosure on assets and shareholdings.

The lenders informed the Supreme Court of their decision on the offer at a hearing on Thursday.

A bench comprising Justices Kurian Joseph and R F Nariman asked Mallya and his companies to file their response by April 21 indicating how much amount they can deposit in the Supreme Court to prove their bona fides.
After a brief hearing of 20 minutes, the bench posted the matter for further hearing on April 26.

The court prima facie agreed with banks and asked Mallya’s lawyers to inform when he is coming back to India.

The SC also asked Mallya to state amount he can deposit with court to show his bonafide.

Kingfisher, which ceased operations in October 2012, owed the banks, mostly state-run, Rs 9091 crore including interest and fees as of last November, the government has said.

A lawyer for Mallya told the Supreme Court last week that the former billionaire planned to repay Rs 4,000 crore to the banks by September and Rs 2,000 crore more if Kingfisher wins a lawsuit seeking damages from a plane engine-maker.

The court had sought the response of the banks on Mallya’s offer within a week.

Vijay Mallya left India on March 2 as Kingfisher’s creditor banks stepped up pressure on him. His whereabouts since then have not been disclosed.

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