Vijay Mallya offers 100% repayment to Indian banks

Fugitive liquor tycoon Vijay Mallya Wednesday offered offering to pay back 100 per cent of "public money" and said his extradition from the UK to India will take its own legal course. Mallya claimed that he has been falsely dubbed as a "defaulter" by politicians and media. He has been fighting a legal battle against his extradition to India.

"I see quick media narrative about my extradition decision. That is separate and will take its own legal course," he said in a series of tweets.

He further said, "The most important point is the public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, WHY," he added.

Mallya is wanted in India over default of Rs 9,000 crore that was loaned to Kingfisher Airlines (KFA) by several banks. He fled to the UK in March 2016.

He, however said, "Politicians and media are constantly talking loudly about me being a defaulter, who has run away with PSU bank money. All this is false."

"Why don't I get fair treatment and the same loud noise about my comprehensive settlement offer before Karnataka High Court. Sad." Mallya claimed he had made the offer to settle the dues to the banks since 2016.

"Airlines are struggling financially because of highest aviation turbine fuel (ATF) prices," he said, reflecting on the downfall of KFA. He further said Kingfisher also faced the "highest ever crude prices of USD 140 per barrel." "Losses mounted and that's where the banks' money went. I have offered to repay 100 per cent of the principal amount to them. Please take it," he tweeted.