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Fact Sheet: Acting Like Idiots

Fact Sheet: Acting Like Idiots

Vijay Mallya’s lawyers have indicated to the Supreme Court that he is ready to pay Rs 2000 crore upfront and another Rs 2000 crore by September 30 to the banks.

In addition to the over Rs 4,000 crore promised by September 30, Mallya said he was willing to assign gains from a $236 million lawsuit Kingfisher Airlines had filed in Bengaluru in 2013 against aircraft engine-maker International Aero Engines (IAE) for allegedly supplying "inherently defective" engines for its fleet of A-320 aircraft that led to grounding of its 14 aircraft and consequential losses.

SBI's counsel S S Naganand complained that the offer was for repayment of a little over Rs 4,000 crore.

The bench said the consortium leader must go through the offer before giving its response. "It is for you (SBI) to tell us whether you are rejecting or accepting the offer," the bench said and posted the case for April 7.

Vijay Mallya owes the banks Rs 9000 crore and but for the adverse publicity and coverage by the media, he would not have come out with such an offer.

Had Mallya decided to stay put in UK permanently, the banks cannot get back a single rupee. It is only because Mallya does not want his reputation tarnished and be branded as a fugitive from justice that he is now keen on settling his debts.

Indications are that the banks might not agree to Mallya’s offer as they are doubtful of his credibility. They should stop acting like idiots and take whatever they are being offered. Since the Supreme Court is monitoring the whole issue now, it will take care of things.

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Tags: IAE Supreme Court Vijay Mallya