Vijay Mallya offers to repay Rs 4,000 crore to banks by September
Posted by reshma on 30th March 2016

Vijay Mallya offers to repay Rs 4,000 crore to banks by September

Businessman Vijay Mallya and Kingfisher Airlines Ltd on Wednesday surrender in a preserved cover a suggestion for repayment of Rs 4000 crore to the group of banks, led by the State Bank of India, by September this year. Along with Mallya and Kingfisher, the suggestion was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

Mallya presented to pay Rs 2,000 crore upfront and residual Rs 2,000 crore by September 30, 2016. Mallya’s offer was prepared in the Supreme Court by his counsel C S Vaidyanathan. But his counsel remained quiet on the query of whether Mallya intended to arrival to India from London or not. The SC authorized the group of banks to react inside a week’s occasion to Mallya’s proposal and posted the stuff for hearing on April 7.

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Mallya said via video he repay the loans by September

During the hearing today, Mallya also accused media of organization promotion against him while assuring to pay back loans. On this, the SC bench observed that media is doing its job in community interest. On March 9, the administration had educated the summit court that Mallya, who is facing lawful events for supposedly defaulting loans of over Rs 9,000 crores from different banks, has absent the country a little days back.

The bench had authorized the appeal of lawyer general that the note to him can be served through his authorized Rajya Sabha email ID, the Indian high commission at London, through counsel representing him before different high courts, Debt Recovery Tribunal and also through his company.

Bankers file a case against Diageo Plc and United Spirits Ltd in High Court

Prior to moving the high court, the banks had cased four pleas in Debt Recovery Tribunal (DRT) at Bengaluru seeking reliefs like freezing of Mallya’s passport, detain warrant against him and issuance of a “garnishee order alongside Diageo Plc and United Spirits Ltd from disbursing USD 75 million”. The banks had stimulated the DRT in the background of Mallya’s current resignation from the chairmanship of United Spirits.

Diageo Plc, the present owner of the liquor corporation, has agreed to pay USD 75 million (approx. Rs 515 crore) to Mallya as unemployment package. Besides SBI, other banks which have enthused the SC are Axis Bank Limited, Bank of Baroda, Corporation Bank, Federal Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Jammu and Kashmir Bank Limited, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank and United Bank of India. The banks have also required a way to Mallya to “furnish appropriate safety for his look before the DRT” throughout the pendency of banks’ original applications for getting better debts.