Beleaguered businessman Vijay Mallya on Wednesday offered to pay Rs 4,000 crore of his debts, less than half of the Rs 9,091 crore he owes to Indian banks, by September this year. Banks, however, were non-committal, stating that Mallya’s proposal was much less than the principal debt of Rs 6,903 crore.Submitting a joint plan by Mallya and his companies – Kingfisher Airlines Ltd, United Breweries (Holdings) Ltd and Kingfisher Finvest (India) Ltd – before the Supreme Court, Mallya’s counsel CS Vaidyanathan, however, denied any plans by the defunct airlines owner to return to India in the present circumstances.<!– /11440465/Dna_Article_Middle_300x250_BTF –>According to a source privy to the four-page proposal, the proposed Rs 4,000 crore included Rs 2,000 crore, which he claimed to have deposited with the Karnataka High Court, and the rest shares of United Spirits Ltd (USL), still owned by United Breweries (Holdings) Ltd.””In addition, Mallya also proposed to repay Rs 2,000 crore if he wins the litigation pending with the Debt Recovery Tribunal, Bangalore against GE Corp,” the source said.It is unclear whether banks will be open to Mallya’s proposal. Mallya, in past negotiations, had asked for interest waivers or reduction of his debt burden. Banks had rejected the proposals and insisted that Mallya pay the entire principal sum along with nominal interest upfront.The consortium of banks, led by State Bank of India (SBI), have now told the court that they would need a week to consider Mallya’s proposal. The case will be heard next on April 7.A bench headed by Justice Kurian Joseph asked Mallya’s lawyers categorically if the businessman was back in the country as the court had issued a notice to him earlier.”Mallya is back in India or not. Where are you (Mallya)? Are you back in India,” Justice Joseph asked.Mallya’s counsel argued that given the media hostility towards Mallya it was not an appropriate time for him to return. Vaidyanathan added, “There are cases in which media created such a surcharged atmosphere that even beatings have taken place. The less said the better”.However, the bench said “media ultimately stands for the public interest. They just want the money taken from the banks be brought back”.

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Vijay Mallya offers Rs 4,000 crore, banks non-committal