Ready to repay 100% loans, why not take it, asks Vijay Mallya

Insisting that he is not a defaulter, controversial businessman Vijay Mallya on Wednesday repeated his offer to repay “100%” of the principal amount owed to Indian banks by his defunct Kingfisher Airlines, wondering why the offer he has made since 2016 had been spurned.

Mallya is facing extradition from the United Kingdom to India to face charges of financial irregularities running into thousands of crore. The judgement in the high-profile case is due in the Westminster Magistrates Court on Monday.

He tweeted: “I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY?”

Mallya’s offer followed the extradition on Tuesday of British businessman Christian James Michel, the alleged middleman in the controversial AugustaWestland helicopter deal, from Dubai.

LONDON: Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that’s where Banks money went

VIJAY MALLYA

Mallya’s four tweets on the issue were a reprise of his June 26 media statement, in which he said he was tired of “relentless pursuit”.

Reiterating his main defence , he said: “Airlines struggling financially partly becoz of high ATF (aviation turbine fuel) prices... Kingfisher was a fab airline that faced the highest ever crude prices of $140/barrel. Losses mounted and that’s where Banks money went. I have offered to repay 100% of the Principal amount to them. Please take it.”