‘Please take it’: Vijay Mallya offers to repay ‘100%’ of debt owed to banks

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In this June 3, 2010 file photo, United Breweries Group Chairman Vijay Mallya attends the Global Investors Meet organized by Karnataka state government in Bangalore, India. British police said Tuesday, April 18, 2017, they have arrested Indian business tycoon Vijay Mallya in London. (AP Photo/Aijaz Rahi, File)

Vijay Mallya left the country in 2016 and India requested his extradition from the UK, the verdict of which is scheduled to be delivered on December 10. 

Hours after UK middleman Christian Michel was extradited from UAE for his alleged involvement in the AgustaWestland VVIP chopper deal, absconding Indian businessman Vijay Mallya Wednesday offered to pay “100 per cent” of the principal amount he owes to a consortium of banks and the Indian government. Mallya said his extradition from the UK to India “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,” he said in a series of tweets.

Mallya explained how Kingfisher Airlines’ losses mounted and struggled financially due to rising aviation fuel prices, and yet the now-defunct airlines had made handsome contributions to the States.

“Airlines struggling financially partly becoz of high ATF 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,” Mallya wrote on Twiter.

In his tweets, Mallya denied he was a defaulter and questioned why he does not receive fair treatment on a comprehensive settlement offer he had offered before the Karnataka High Court.

On charges of fraud and money-laundering, several banks initiated legal proceedings against Mallya for the repayment of an outstanding amounting to more than 9,000 crores. Thereafter, Mallya left the country in 2016 and India requested his extradition from the UK, the verdict of which is scheduled to be delivered on December 10.

Source: The Indian Express

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