Wednesday, March 30th, 2016

Cornered Vijay Mallya offers to pay Rs 4000 crore by September 2016

Narada Desk | March 30, 2016 1:21 pm Print
No longer King of Good Times : Vijay Mallya

No longer King of Good Times : Vijay Mallya

Liquor baron Vijay Mallya currently in London is clearly facing the heat. As pressure mounts on him to repay his loans and return to India, Vijay Mallya has sent a proposal to the Supreme Court about his plans to repay the loans .  His lawyers while appearing before the Supreme Court was told that  Vijay Mallya  offered to pay Rs.4,000 crore for settling outstanding dues against the grounded Kingfisher Airlines on account of loans extended to it by a consortium of 13 banks headed by the State Bank of India.

The apex court bench of Justice Kurien Joseph and Rohington F. Nariman was also told that Mallya has offered another Rs.2,000 crore that he expects to get, if he succeeds in his suit against multinational General Electric.

Mallya’s counsel said that the proposal for the payment of Rs.4,000 crore by September was made to the chief general manager of the State Bank of India (SBI).

The SBI told the court that it needed a week’s time to consider the proposal made by Vijay Mallya, and submitted that way back in 2013 the bank had filed a suit claiming Rs.6,903 crore plus interest thereon.

In a query from the bank about Mallya’s location, his counsel told the court that he was still abroad but had two video conferencing sessions with the bank officials after his departure from India to London. (IANS)