Vijay Mallya offers to repay Rs. 4,000 crore by September

Mallya has said he will arrange to repay Rs. 4,000 crore by September. His lawyers submitted a copy of the details to the Supreme Court on Wednesday, which has given banks a week to respond.

Mallya left the country for the UK earlier this month triggering nationwide uproar, with the  opposition holding the government responsible for allowing him to travel abroad at a time when banks are desperate for his airline to repay its loans. Kingfisher stopped operation in 2012.

On Twitter, 60-year-old  Mallya has stressed that he is a parliamentarian who will obey laws and is not escaping his debts. He, however, refused to comply with two orders to make himself available for interrogation in Mumbai.

The judges asked his lawyers on Wednesday when he plans to return to India; they responded that since he is available via video conference, there's no urgent need for him to come back, and he should not be considered an absconder.

A consortium of 13 banks had moved the court seeking the freezing of the  passport of the Rajya Sabha MP, who is facing legal proceedings for his alleged involvement in loan default cases of Rs. 9,000 crore.

On March 9, the apex court had asked the beleaguered liquor baron, who had left the country on March 2,  to be present before it on March , with his passport.

 The CBI is investigating whether bank officials colluded with  Mallya to keep the money coming. Another aspect of the inquiry is whether Vijay Mallya siphoned large parts of the loan abroad, falsely claiming that he was settling bills for services like parking his planes at international airports.