Liquor baron Vijay Mallya and Kingfisher Airlines Ltd on Wednesday (March 30) submitted in a sealed cover a proposal for repayment of Rs 4000 crore out of the loan amount of Rs 6903 crore to the consortium of banks led by State Bank of India by September this year. Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd. A bench comprising Justices Kurian Joseph and R F Nariman allowed the consortium of banks a week’s time to respond to the proposal and posted the matter for further hearing on April 7. At the outset, senior advocate C S Vaidyanathan, appearing for Kingfisher and Mallya, submitted that they have given a proposal to the consortium of banks as to what can be done under the given circumstances. He said the copy of the proposal was given today to the consortium of banks. The senior advocate appearing for the consortium of banks said he would like to go through the proposal and then respond.Vaidyanathan requested the bench that the proposal should be kept in a sealed cover for the time being, as negotiations were going on for the settlement and media hype could vitiate the atmosphere. He said the proposal has been prepared after having discussions with the parties through video conferencing. On March 9, the government had informed the apex court that Mallya, who is facing legal proceedings for allegedly defaulting loans of over Rs 9,000 crores from various banks, has left the country a few days back.
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Businessman Vijay Mallya on Wednesday (March 30) offered to pay Rs 4,000 crore by September 31, 2016 to a consortium of banks, led by the SBI, against an outstanding loan of Rs 9,000 crore. Mallya offered to pay Rs 2,000 crore upfront and remaining Rs 2,000 crore by September 31, 2016. Mallya’s offer was made in the Supreme Court by his counsel C S Vaidyanathan. But his counsel remained silent on the question of whether Mallya intended to return to India from London or not. The SC allowed the consortium of banks to respond within a week’s time to Mallya’s proposal and posted the matter for hearing on April 7. Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2, presumably for London, days before the Supreme Court heard a plea of clutch of state-owned banks seeking recovery from his group firms. During the hearing today, Mallya also accused media of running campaign against him while assuring to payback loans. On this, the SC bench observed that media is doing its job in public interest. Mallya has also been summoned by Enforcement Directorate (ED) to make a personal appearance before its investigating officer in Mumbai on April 2 in connection with its money laundering probe in the over Rs 900 crore IDBI loan fraud case. He has sought more time from the agency to present himself on a later date instead of the scheduled time of March 18.