Vijay Mallya offers to repay Rs 4,000 crore to the consortium of banks. While 50% of the amount will be paid in advance, The rest will be cleared by September 30th, 2016. Even Kingfisher Airlines Ltd, United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd. supported the proposal.
On Wednesday, Mallya's counsel CS Vaidyanathan submitted a sealed cover consisting of the proposal to Supreme Court bench. He, however, remained tightlipped when asked if Mallya would return to India from London.
The Apex Court asked the consortium of banks to respond on Mallya's proposal within a week. Next hearing of the case would be on April 7th.
Vijay Mallya owes Banks to the tune of Rs 9,000 crore. The consortium of banks led by SBI have been seeking an order directing Mallya to appear in person before the court and freeze his passport.
Meanwhile, Attorney General Mukul Rohatgi declares assets owned by Mallya in abroad valued more than the debt he has to pay. In the present circumstances, Banks might see accepting the proposal as a safe bet.