Top court asks Vijay Mallya to reveal all assets
Other | Photo Credit: Reuters

A consortium of banks led by State Bank of India today rejected the proposal in the current form offered by liquor baron Vijay Mallya and his companies to pay Rs 4,000 crore by September towards settlement of his loan before the Supreme Court, which directed him to disclose his total assets by April 21.

The consortium also asked the Supreme Court that directions be passed to ensure presence of Mallya in the country to show his bona fides that he was serious about settling his dues.

A bench comprising Justices Kurian Joseph and R F Nariman asked Mallya and his companies to file their response by April 21 indicating how much amount they can deposit in the Supreme Court to prove their bona fides.

After a brief hearing of 20 minutes, the bench posted the matter for further hearing on April 26.

Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, had on March 30 expressed willingness for a settlement by offering a proposal to pay back Rs 4,000 crore by September this year.

The proposal, which had been submitted in a sealed cover, covered an amount of Rs 6,903 crore and was placed jointly by Mallya and his companies - Kingfisher Airlines Ltd, United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd.

The banks had requested the bench that the proposal should be kept in a sealed cover till negotiations were going on for the settlement.

The liquor baron's counsel had told the apex court that the proposal had been prepared after discussions with Mallya, currently in United Kingdom, through video conferencing.

The bench had given time to the consortium of banks to look into the proposal and respond.

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