Vijay Mallya offers settlement package of Rs 13,960 crore


NEW DELHI: After exhausting judicial remedies against his extradition to India, fugitive former liquor baron Vijay Mallya‘s counsel on Thursday told the Supreme Court that he has offered a comprehensive settlement package to the consortium of banks and that if it is accepted then all the cases against him by Enforcement Directorate would be sorted out.
Though the counsel did not mention the quantum of settlement before a bench headed by Chief Justice S A Bobde, sources said Mallya has filed a petition before the SC last month offering a settlement package of Rs 13,960 crores for full and final payment of the principal defaulted amount in excess of Rs 9,000 crore. This is the highest offer Mallya has ever made for settlement of dispute with consortium of banks and closure of money laundering cases under PMLA registered by ED.
But, solicitor general Tushar Mehta said Mallya had a habit of giving such offers from time to time. “This is one of the many carrots Mallya had dangled at the end of a stick from time to time. Let him deposit the money before coming to India,” he said, giving a hint that Mallya could be extradited to India soon. Mallya has reportedly sought asylum in the UK after losing battle against extradition in multiple courts there.
A Delhi court had in 2016 issued non-bailable arrest warrants against Mallya for repeated non-appearance in an ED case even as the SC had pulled up Mallya for non-disclosure of his assets during the hearing of the petition by consortium of banks for recovery of debts. In March 2016, Mallya had offered to deposit Rs 4,000 crore as settlement, which included pending suits by his companies including the now defunct Kingfisher Airlines for settlement. A month later, he had increased the offer to Rs 6.868 crore.
Recently, he tweeted – “Congratulations to the government for Covid-19 relief package. They can print as much currency as they want. But should a small contributor like me who offers 100% pay back of State owned bank loans be constantly ignored? Please take my money unconditionally and close.”

Referred to as “India’s Richard Branson” and the “king of Good Times”, Mallya had built a fortune on Kingfisher beer before starting Kingfisher Airlines in 2005.





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