Vijay Mallya, the Indian business tycoon has agreed to repay Indian Rupee 4,000 crore, to the consortium of banks, led by the State Bank of India, by September this year.
According to the Times of India, the Kingfisher Airlines and Vijay Mallya submitted a proposal to the Indian Supreme Court. Mallya has offered to pay Rs 2,000 crore upfront and the remaining Rs 2,000 crore by September 31, 2016.
The Indian apex court has allowed the banks consortium to respond within a week's time to Mallya's proposal and posted the matter for hearing on April 7.
According to DNA India, The banks are also ‘scheduled’ to auction trademarks belonging to Kingfisher for nearly Rs 367 crore on April 30. These trademarks include Flying Models, Fly the Good Times, Funliner, Kingfisher, Flying Bird Device, Fly Kingfisher (World), and others.
Mallya During the hearing, also accused the media of running a campaign against him while assuring to payback loans. However, the SC bench were of the view that the media is doing its job in public interest.
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