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Vijay Mallya Doubles Settlement Rate Now

Bangalore-based Vijay Mallya has finally made an offer to provide Rs.4,000 crore to settle the case against Kingfisher Airlines and close it once for all but at half the price, which means the banks have to take a loss of Rs,5000 crore on their books.

On Wednesday afternoon, he made the offer in a sealed cover given to SC by Kingfisher Airlines, and the time span was until September this year. Vijay Mallya owes nearly Rs 9,000 crore.

Earlier, he made an offer of Rs.2,000 crore but that was turned down by the consortium of banks led by State Bank of India (SBI). In turn, Kingfisher Airlines (KAL), was declared a wilful defaulter by multiple banks.

Even the Enforcement Directorate has initiated an investigation and has summoned Mallya, who is currently in London, to appear before the investigative agency by April 2. Banks have failed to auction Kingfisher Airline’s corporate office in Mumbai recently as no one came forward to buy the jinxed office building, with a base price far above than anybody could imagine.

Vijay Mallya has left the country and is in London currently vowing to return some time. The offer came as the apex court had sent him a notice.

[tags, vijay mallya, settlement,offer,supreme court]

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