Thursday, April 25, 2024
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A Rs 4000 crore olive branch from Vijay Mallya, SC tells banks “do whatever you want”

Offering to pay Rs 4000 crore of loan to public sector banks(PSBs) by September, Vijay Mallya, founder-owner of Kingfisher Airlines submitted a proposal to the Supreme Court on Wednesday.

According to the SBI-led consortium of banks, Mallya’s total outstanding is over Rs 9000 crore.

The matter was heard by a bench of Justices Kurian Joseph and Rohinton F Nariman. The court asked the banks to go through the proposition, and respond within a week. Before fixing the matter for April 7, the court threw the ball in the banks’ court, giving them the option to “reject it (proposal)” if they want to. “Do whatever you want. Just tell us your decision in a week”, the court said.

Meanwhile, the consortium’s lawyer urged the court that Mallya should return to India to facilitate the repayment procedure.

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