Vijay Mallya, chairman of grounded airline Kingfisher, has submitted a repayment plan to the Supreme Court. He is ready to pay Rs 4,000 crore by September 2016 to banks.
Lawyer representing Mallya told the court that Rs 4,000 crore will be paid upfront by September 2016 and an additional Rs 2,000 crore if he wins his lawsuit against GE Corp. The consortium of banks led by SBI sought a week’s time to consider Mallya’s proposal. Mallya’s counsel said that negotiations are underway with the banks and the next date of the hearing has been set on April 7.