Vijay Mallya proposes Rs 4000 crores by September 31, 2016

Vijay Mallya has come up with an offer for banks looking to recover bad debts from Kingfisher Airlines. He has submitted a proposal before Supreme Court to repay Rs 4000 crores by September 31, 2016. The Supreme Court has directed the proposal to concerned banks and have asked them to respond in one week time.

As Vijay Mallya’s counsel notifies that negotiations with the banks are underway, next date of hearing has been deferred for April 7, 2016. When Court tried to find out the current location of Vijay Mallya, the counsel replied his presence is not needed in the matter. Vijay Mallya’s counsel also argued over reports running in media channels and framed it as the exaggeration to the matter, for this Justice Kurien Joseph observed that the 'media ultimately stands for public interest'. (Also read. Pay dues honourably or face coercive action: Arun Jaitley to Mallya)

Meanwhile, the banks have asked for a week-long duration to make a final call over the proposal. The Enforcement Directorate had earlier asked Vijay Mallya to make a "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA). But the flamboyant business magnate asked for a date in April, making it clear that he would not be able to appear before that.