Revive onetime settlement offer to banks, Mallya appeals to SC

Businessman Vijay Mallya has appealed to the Supreme Court to help revive his attempt to reach a one-time settlement with creditors owed in excess of ₹9,000 crore by his defunct Kingfisher Airlines Ltd.

“Wish the Hon’ble Supreme Court would intervene and put an end to all this (litigation) by directing Banks and us to negotiate and settle. We are ready,” Mallya said on Twitter on Friday.

In April 2016, lenders led by State Bank of India rejected Mallya’s offer of ₹4,000 crore in a onetime settlement.

“Our substantial offer before the Hon’ble Supreme Court was rejected by Banks without consideration. Am ready to talk settlement on fair basis,” Mallya tweeted.

Mallya left for the UK in March 2016 as lenders and investigating agencies closed in on him following his $75 million sweetheart deal with Diageo Plc to quit as chairman of United Spirits Ltd.

“Public sector banks have policies for one-time settlements. Hundreds of borrowers have settled. Why should this be denied to us,” Mallya wrote in another tweet.

On Thursday, Mallya, through his lawyer, told the apex court that he was being made the “poster boy of loan defaulters in India.”

In the Lok Sabha on Friday, finance minister Arun Jaitley said the government is examining whether a new law would be required or prevailing statutes will have to be amended to confiscate the properties of defaulters who flee and hide in other countries.