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Vijay Mallya once again offers '100% payback' to Indian banks

In a series of tweets, Vijay Mallya drew parallels between his Kingfisher Airlines and Jet Airways, while once again offering to repay the Indian banks in full

twitter-logo BusinessToday.In        Last Updated: April 29, 2019  | 19:52 IST
Vijay Mallya once again offers '100% payback' to Indian banks
Vijay Mallya has appealed against an extradition order in his name issued by UK authorities.

Vijay Mallya reiterated his promise of "100 per cent payback" to state-owned Indian banks to cover the outstanding debt against his Kingfisher Airlines. The fugitive liquor baron took to Twitter on Monday to lament the downfall of Jet Airways, comparing it to the closure of Kingfisher Airlines.

Mallya wrote on his Twitter feed: "Watched TV debate on the sad collapse of Jet which included unpaid employees and Industry veterans. Important issues on unemployment and suffering, security available to Banks, prospects of revival etc. Here I am offering 100% payback of KFA loans which Banks wont take. Why?"

Jet Airways had temporarily grounded its operartions earlier this month after lenders refused to infuse funds requested by the debt-laden carrier.

In another tweet, he added: "Several Indian airlines collapsed sadly including KFA. Now the previously unthinkable has happened with the collapse of Jet. Genuine business failures. But I am criminally charged by CBI/ED despite offering 100% payback. Wonder why only me?"

Last year in December, Mallya had offered to pay back the Indian banks in full, asking them to "Please take it". This was mere days before the Westminster Magistrates' Court in London upheld the extradition order to send him back to India to face legal action against charges of fraud and money laundering amounting to Rs 9,000 crore.

ALSO READ:BT Buzz: Jet Airways - Hanging by a thread

Mallya is undergoing a UK High Court appeals process against his extradition order signed off by UK Home Secretary Sajid Javid in February. Chief Magistrate Emma Arbuthnot of the bench of Westminster Magistrates' Court had ruled last December in favour of his extradition to India. He is presently out on bail against an extradition warrant executed by Scotland Yard in April 2017.

Earlier this month, Mallya had filed a renewal application before the UK High Court to avoid extradition to India. Mallya filed for an oral consideration after his first attempt at an application seeking "leave to appeal" was rejected by the court. The oral hearing will be held on July 2, where a judge will decide whether Mallya's plea against his extradition can proceed to a full-fledged hearing.

ALSO READ:Vijay Mallya extradition: London court to hear fugitive tycoon's plea on July 2

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