Vijay Mallya offers settlement package of Rs 13,960 crore

Guwahati: Fugitive and former liquor baron Vijay Mallya's lawyer on Thursday informed the Supreme Court that he has offered a package of settlement to the consortium of banks. He added that if it is accepted by the banks, all the cases against him by Enforcement Directorate should be sorted out.

On behalf of the bench headed by Chief Justice S A Bobde, the lawyer informed about Mallya's offer but didn't mention the quantum of settlement.

Last month, Vijay Mallya had filed a petition before the Supreme Court offering a settlement package of Rs. 13,690 for full and final payment of the defaulted principal amount. The principal defaulted amount is Rs 9,000 crore. 

But for solicitor general Tushar Mehta, the offer didn't come as a surprise. Recalling Mallya's habit of giving such offers from time to time, Mehta said, "This is one of the many carrots Mallya had dangled at the end of a stick from time to time. Let him deposit the money before coming to India." His statement is also a hint that Mallya could be extradited to India soon.

In 2016, the Delhi Court had issued a non-bailable arrest warrant against Mallya for repeated non-appearance in an ED case. The Supreme Court had also pulled him for non-disclosure of assets during the hearing of the petition by consortium of banks. In March 2016, he had offered Rs.4000 crore as a settlement but a month later, he increased it to Rs.6,868 crore.

Mallya recently tweeted, "Congratulations to the government for a Covid-19 relief package. They can print as much currency as they want but should a small contributor like me who offers 100% payback of state-owned bank loans be constantly ignored? Please take my money unconditionally and close."

Mallya built an enormous fortune on Kingfisher beer and further went to begin Kingfisher Airlines in 2005. He even earned titles like 'India's Richard Branson' and 'King of Good Times.'

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