Businessman Vijay Mallya and Kingfisher Airlines Ltd on Wednesday submitted in a sealed cover a proposal for repayment of Rs 4000 crore to the consortium of banks, led by the State Bank of India, by September this year.
Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.
Mallya offered to pay Rs 2,000 crore upfront and remaining Rs 2,000 crore by September 30, 2016.
Mallya’s offer was made in the Supreme Court by his counsel C S Vaidyanathan.
But his counsel remained silent on the question of whether Mallya intended to return to India from London or not.
The SC allowed the consortium of banks to respond within a week’s time to Mallya’s proposal and posted the matter for hearing on April 7.
During the hearing today, Mallya also accused media of running campaign against him while assuring to payback loans. On this, the SC bench observed that media is doing its job in public interest.