Banks reject Mallya's Rs 4,000 crore repayment offer

April 07, 2016 10:48

The consortium of lenders led by the State Bank of India has rejected businessman Vijay Mallya's offer to repay Rs 4,000 crore - less than half of what his defunct Kingfisher Airlines owes them. The banks said they want a better offer from Mallya.

Last week, the airline and Mallya had submitted a proposal in the apex court to pay Rs 4,000 crore by September to the consortium.

A Bench comprising Justices Kurian Joseph and Rohinton F Nariman had given the consortium a week to respond to the proposal and fixed April 7 for further hearing.

Mallya and KFA owe Rs 9,000 crore to the consortium. SBI has an exposure of more than Rs 1,600 crore to the defunct airline. Of the total amount, the banks have so far recovered only around Rs 1,240 crore by selling pledged shares and other collaterals.

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