In a shocking turn, Vijay Mallya offered to pay Rs 4,000 crore by September 31st of this year, to a consortium of banks, led by the SBI, against an outstanding loan of Rs 9,000 crore.

Mallya offered to pay Rs. 2000 crores currently and another Rs. 2000 crores by  September 30, 2016.

C S Vaidyanathan’s counsel made this announcement in the Supreme Court. But Mallya’s counsel maintained mum on the question of, whether Mallya intended to return from London to India or not.

The Supreme Court has allowed the consortium of banks to respond within a week's time to Mallya's proposal and the further hearing on the issue would be on  April 7th.

The promoter of long-grounded Kingfisher Airlines, Mallya had left India on March 2nd, reportedly for London, a few days before the SC heard a plea of clutch of state-owned banks seeking recovery from his group firms.  

Mallya, during the hearing today, had accused media for reporting the news against him. However, SC bench said that media is doing its duty in public interest.
 
Enforcement Directorate (ED) summoned Mallya to make appearance in person, on April 2nd in Mumbai, regarding his money laundering probe in over Rs 900 crore IDBI loan fraud case.

Instead of the scheduled date- March 18th, Mallya sought more time from the agency to present himself on a later date.

By Phani Ch