Have offered to repay 100% of principal loan amount to banks, 'please take it': Vijay Mallya

Vijay Mallya. Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Dec 05, 2018, 11.00 AM (IST)

Vijay Mally said Wednesday that he had offered to repay 100% of the principal loan amount he owes to the banks. "Please take it," he added. 

Mallya and his now-defunct Kingfisher Airlines owe some Rs 9,000 crore to a number of banks. 

On Wednesday, he tried to explain where that money had gone.  

"Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that’s where Banks money went," Mallya tweeted on Wednesday. 

Mallya has been living in the UK for the last two years and has been fighting off India's attempts to extradite him. 

India finally launched formal extradition proceedings against him in February last year. 

A verdict in his extradition trial is expected in five days' time, on December 5, at the Westminister Magistrates Court. 

Christian Michel, a British national and an accused in the AgustaWestland VVIP chopper scam, was on Tuesday extradited to India from the UAE

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Mallya left India in March 2016 after the banks got together to initiate legal proceedings against him to recover their dues. 

In June this year, Mallya said he had written to both Prime Minister Modi and Finance Minister Arun Jaitley, explaining his side of the story. He said he got no reply from them. 

He added that he had twice tried to settle with the banks, but his offers were rejected. 

He said he had become the "Poster Boy" of bank default and a lightning rod of public anger, and there's nothing he could do "if politically motivated extraneous factors interfere" with his efforts to settle the dues.

He added that he was tired of the "relentless pursuit" of him by "the government and its criminal agencies". 

Story highlights

Mallya and his now-defunct Kingfisher Airlines owe some Rs 9,000 crore to a conglomerate of banks. A verdict in his extradition trial is expected in five days' time, on December 5, at the Westminister Magistrates Court.