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Europe

Indian businessman Mallya offers to clear massive debts

Associated Press
Published | Updated
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    FILE- In this Feb. 27, 2013 file photo, Indian business tycoon and owner of Kingfisher Airlines Vijay Mallya gets into his car outside the Parliament in New Delhi, India. Flamboyant Indian businessman Vijay Mallya, who is accused of fleeing to London this month owing more than a billion dollars to Indian banks, told India's top court on Wednesday that he would repay over 40 percent of his debts by September, one of his lawyers said. (AP Photo/Saurabh Das, file) (The Associated Press)

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    FILE- In this Oct. 27, 2012 file photo, Force India team principal and businessman Vijay Mallya waves as he walks down the F1 paddock after the third practice session for the Indian Formula One Grand Prix at the Buddh International Circuit in Noida, on the outskirts of New Delhi, India. Flamboyant Indian businessman Vijay Mallya, who is accused of fleeing to London this month owing more than a billion dollars to Indian banks, told India's top court on Wednesday that he would repay over 40 percent of his debts by September, one of his lawyers said. (AP Photo/Saurabh Das, file) (The Associated Press)

NEW DELHI – Flamboyant Indian businessman Vijay Mallya, who is accused of fleeing to London last month owing more than a billion dollars to Indian banks, has offered to repay over 40 percent of his debts by September.

His attorney C.S. Vaidyanathan told India's top court on Wednesday that the offer had been made to Mallya's Indian lenders.

The Press Trust of India news agency reported that the Supreme Court gave the banks a week to respond to Mallya's proposal. If they decline to accept it, then Mallya will face prosecution.

The opposition Congress party has accused Prime Minister Narendra Modi's government of letting Mallya fly out of India on March 2 while he was being pursued by the banks over massive debts amounting to 9 billion rupees ($1.3 billion).