India Markets open in 1 hr

After Christian Michel's extradition, Vijay Mallya makes 'humble' offer to pay back loan to banks, requests govt to 'take it'

FP Staff
Vijay Mallya’s team will clearly be looking for weak points to pick on and mount a last-ditch bid to stall his extradition.

Fugitive economic offender Vijay Mallya has made another offer to the government to pay back his dues. This offer is being reiterated five days before his extradition request will be heard in a UK court. A UK court had fixed 10 December as the date to deliver its verdict on whether the beleaguered liquor baron can be extradited to India to face charges of fraud and money laundering amounting to around Rs 9,000 crores.

In a series of tweets on Tuesday he hit back at the government:

Mallya reiterated that he had made a "comprehensive settlement" offer before the Karnataka High Court that will help in paying off all his dues.

According to Mallya, he and the United Breweries Group (UBHL) had filed an application in the Karnataka High Court on 22 June 2018, setting out available assets of approximately Rs 13,900 crores.

They have asked the court for permission to allow the sale of assets under judicial supervision and repay creditors, including the public sector banks such amounts as may be directed and determined by the Court.

Mallya said that airlines are suffering due to high costs of jet fuel or Aviation Turbine Fuel and tweeted he had made an offer to the banks 'to repay 100 percent of the principal' he owed them.

Earlier this week, credit ratings agency ICRA said severely mauled by the twin blows of a  significant increase in ATF prices and the depreciation of the rupee against the US dollar, the Indian aviation industry continues to grapple with tough times in the current fiscal. "As if this was not enough, low pricing power of the industry and inability to raise fares has resulted in mounting losses for the airlines," the agency had said.

Taking a swipe at the media for what he termed as a 'media narrative' about his extradition, he said this was a separate issue and would take its own legal course.

Also See: Bombay High Court rejects Vijay Mallya's plea for stay on Enforcement Directorate's request to declare him fugitive

CEOs of state banks can request for look-out notices against wilful defaulters, fraudsters

Govt authorises CEOs of public sector banks to request for look-out circulars against wilful defaulters

Read more on Business by Firstpost.