Vijay Mallya offers Rs. 4000 crore as part payment against bank debts

Liquor Baron Vijay Mallya, had recently left the country after failing to repay over Rs. 7000 crore he owed to Indian banks. Mallya allegedly moved to his family home in U.K after leaving India.

Both the public and media had criticized Mallya for ‘absconding’ from the country without settling his dues. Mallya ignored interview requests from the media after his departure and generally stayed away from the limelight.

On Wednesday, however, Mallya surprised everyone by offering to repay a total of Rs. 4000 crore by the end of September 2016.

Mallya’s lawyers also stated that the issue has been exaggerated by the media and requested that his proposal remain ‘sealed’. The next date for hearing in Mallya’s legal battle is set for April 7.

In the interim, Supreme Court has directed the Bank consortium to assess and respond to Mallya’s offer.