Vijay Mallya makes another attempt, this time he is offering Rs 6,000-crore settlement

Vijay Mallya makes another attempt, this time he is offering Rs 6,000-crore settlementAfter the banks rejected debt-ridden Vijay Mallya’s earlier settlement offer of Rs 4,000 crore, he has come up with another one.

Mallya is now offering to make Rs 6,000 crore settlement offer to banks, which are looking to recover Rs 9,000 crore in dues.

READ ALSO: Vijay Mallya's Rs 4,000-crore offer doesn't impress banks; don’t want any terms or conditions

Mallya wants to make the payments in a staggered format till September.

“The banks though want the Rs 4,900 crore principal immediately followed by the interest being repaid in staggered amounts,” banking executives told ET.


After the banks rejected his earlier offer, the Supreme Court asked Mallya to disclose all his assets. Mallya has to reply by April 21 and the banks are to respond to his offer by April 25.

"We are expecting a renewal of the earlier offer, but it has to come with clear timelines of payment. We won't entertain ifs and buts. We rejected the earlier offer because a lot of conditions were laid down; it looked like a spider's web," a senior banker told ET.

Meanwhile, troubles have mounted for Mallya as ED sought revocation of his diplomatic passport. The ED maintained that Mallya was un-cooperative as the agency had summoned him thrice to appear before it. Mallya left the country on March 02.

READ ALSO: ED says Vijay Mallya is un-cooperative, seeks revocation of his diplomatic passport

"ED had said they would seek non-bailable warrant if he doesn't turn up, but clearly it is the Supreme Court which decides what is in the best interest of the country. It makes better sense to recover the money from Mallya rather than get into a legal tangle," a legal expert told ET.

READ ALSO: Arun Jaitley warns Vijay Mallya of coercive action if dues are not paid on time

(Image: Indiatimes)