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Vijay Mallya offers to repay loans to Indian banks, hours after extradition of Christian Michael to India

Dismissing claims of this being his last-ditch offer before facing possible extradition, Mallya stated that his settlement offer has been there since 2016

Fugitive Businessman Vijay Mallya in a series of tweets has brought to fore a settlement offer for repayment of the principal amount he owes to various Public Sector Banks in India. This comes hours after the extradition of the wanted fugitive and middleman in the Rs 3,600-crore AgustaWestland chopper deal, Christian Michel from UAE to India.

The Indian government has been trying hard to extradite Vijay Mallya after he ran away to the UK on March 2, 2016. Mallya faces charges of defaulting on loans to the tune of Rs 9000 crores. The extradition trial which began at the London court on December 4 last year, is aimed at proving fraud case against Mallya and convincing the court that he will be subject to a fair trial in the country.

In June, Mallya had made similar claims by releasing his letter written to Prime Minister Narendra Modi and said he was making every effort to settle his dues to banks but he had been made the Poster Boy of bank default.

In his series of Tweets, the liquor baron said that the now-defunct Kingfisher airlines incurred huge losses because of the soaring prices of Aviation Turbine Fuel(ATF). He also said at the time airline was operational crude price ascended to $140/barrel, which became a deterrent for the functioning of the airline. Mallya offered to pay the principal amount of loan to banks and asked them to accept it.

He also emphasised his ‘contribution’ of thousands of crores to the State exchequer made by his alcoholic beverage company (United Breweries Group). He assertively also denied any connection between his settlement offer and speculations about his extradition. He said that two are separate legal proceedings. He added that public money is of utmost importance and he is willing to make a ”100%” repayment.

There were reports that Mallya is reiterating the settlement offer and claiming innocence as his extradition verdict is soon to be announced, Mallya claimed that his settlement offer has been there since 2016.

 In October, London court had ordered the confiscation and selling of 6 highly expensive cars in possession Mallya’s possession to repay Indian Consortium of Banks.

Last month, Mallya had suffered a setback in his quest to save his luxurious residence in London from foreclosure by Swiss bank UBS.

On 31st July this year, UK court had asked Indian authorities to submit a ‘step by step video’ of the prison where Mallya would be kept. CBI had submitted nearly 10 minute-long video, about the conditions of the prison where Mallya would be kept in. Mallya’s next hearing is on 10 December at Westminster Magistrates’ Court in London.

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