Cornered Vijay Mallya offers Rs 1590 cr as intent to pay debt
Vijay Mallya, the Indian liquor baron battling creditors seeking to recover dues, offered to deposit Rs 1,590 crore ($240 million) with India's top court to establish his intent to settle with lenders who had rejected an earlier payment proposal. Lawyers representing the founder of the collapsed Kingfisher Airlines Ltd, who the government says left the country earlier this year, filed an affidavit in the Supreme Court on Thursday in response to a directive to declare all his assets. The debt owed by the failed carrier is at the centre of India's drive to crack down on defaulters and clean up the balance sheets of its banks weighed down by soured loans. Mallya also told the court that overseas assets are not considered while granting loans, and sought permission to file information of his assets in a sealed cover on June 26. He also said banks had no right to any of this information as they were not involved in overseas assets recast. He further added that he ca...
