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Vijay Mallya, founder-owner of Kingfisher Airlines, Wednesday submitted a proposal in the Supreme Court, offering to repay Rs 4000 crore of loan to the public sector banks (PSBs) by September this year. According to the SBI-led consortium of banks, Mallya’s total outstanding is over Rs 9000 crore.
The schedule of repayment was adduced before a bench of Justices Kurian Joseph and Rohinton F Nariman, which asked the banks to go through it and respond within a week. While fixing the matter for hearing next on April 7, the bench told the banks: “If you want to reject it (proposal), reject it…do whatever you want. Just tell us in a week what is your decision.”