Vijay Mallya, chairman of the UB Group submits a proposal to the Supreme Court to repay a bad debt of Rs 4,000 crore by September 2016. The SC allows the consortium of banks to respond within a week's time to the proposal and posts the matter for hearing on April 7

State Bank of India has declared the industrialist a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines.

Known for his extravagant lifestyle, Mallya is in debt with 17 public sector banks for an estimated amount of Rs 9,091 crore, who have moved the Debt Recovery Tribunal against him.

Mallya, who fled India on March 2, has said that he does not feel the time is right for him to return to India.