Vijay Mallya says ready to talk to banks for one-time settlement

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image courtesy : The Quint

Business tycoon Vijay Mallya, whose defunct-Kingfisher Airlines owes over Rs. 9,000 crore to various banks, has once again offered to settle with the lenders. In various messages posted on social media platform Twitter, Mr Mallya said that he is ready to pay a one-time settle charge on the Rs. 9,000 crore loan default.

Vijay Mallya today accused the government of holding him guilty without a “fair” trial as he faces heat in the Supreme Court over loan default.

“The allegations against me by the Attorney General before the Honourable Supreme Court only prove the attitude of the Government against me,” Mallya said in another tweet.

“Public Sector Banks have policies for One Time Settlements. Hundreds of borrowers have settled. Why should this be denied to us?,” he said in a tweet as he sought negotiations with banks to pay a one-time settlement charge on Rs 9,000-crore loan default.

He said his offer for settlement have been rejected by the lenders without consideration. “Our substantial offer before the Hon’ble Supreme Court was rejected by Banks without consideration. Am ready to talk settlement on fair basis,” he said.

“Wish the Hon’ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle. We are ready.”

Last month, the Indian government handed over to the UK an extradition request for the businessman, who is facing cases of loan default and other financial irregularities.

Attorney General Mukul Rohatgi and senior advocate Shyam Divan, appearing for the banks, had yesterday contended that unless Mallya deposits USD 40 million before this court, he does not deserve to be heard and, moreover, he needed to appear personally as the contempt notice has already been issued.

A bench of Justices Adarsh Kumar Goel and U U Lalit put forth the queries during the day-long hearing following which it reserved the orders on two pleas from lenders seeking contempt action against Mallya and a direction to him to deposit USD 40 million received from offshore firm Diageo.

On Thursday, the Supreme Court posed a question to Mallya about the “truthfulness” of his disclosure of assets and transfer of USD 40 million to his children.

“You answer us whether you have disclosed your assets truthfully? Did you violate the Karnataka High Court order (restraining Mr Mallya from transferring and alienating assets) by transferring $40 million,” a bench of Justices AK Goel and UU Lalit asked Mr Mallya’s counsel.

Mallya, whose now-defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, had left India on March 2 last year.