EXCLUSIVE: Vijay Mallya to tell Supreme Court he's ready to repay outstanding bank loans

In an exclusive newsbreak, sources have told Republic TV that fugitive businessman Vijay Mallya is likely to tell the Supreme Court on Friday that he is ready to pay back the principal amount of outstanding loans against his name from a consortium of banks in India led by SBI. Mallya, who has mere days to go before the Westminster Magistrates' court pronounces its verdict in India's extradition case against him, is allegedly offering to pay back Rs 9000 crore by selling off his assets that have been seized by the Enforcement Directorate (ED).

There has been a noticeable increase in the frequency of Mallya's appeals to settle his outstanding dues since the extradition of British businessman and AgustaWestland middleman Christian Michel from Dubai. His tone has also become one of pleading rather than the bullish attitude he had adopted for the majority of his stay in the UK, to where he had fled in March 2016.

As per Republic TV sources, Vijay Mallya is all set to inform the Supreme Court on Friday that he is ready to pay the entire loan amount by selling off his properties currently seized by the Enforcement Directorate. The Counsel for Vijay Mallya will make a statement before the Supreme Court in his case against the ED. In the statement, it will be presented that Mallya is ready to pay the 9000 crores owed by him to the consortium of banks.

Mallya has given the go-ahead to his counsel to make the statement before the Supreme Court in the hearing set to come up on Friday but he has a condition: He states that only if his assets that are currently attached by the Enforcement Directorate are allowed to be sold will he be able to pay the complete amount owed by him.

Hours after the extradition of Christian Michel from Dubai, Vijay Mallya began tweeting that he is willing to repay the money owed to the banks. In a series of tweets, Mallya clarified that he wants to change the narrative that has been propagated against him and has repeatedly offered to repay the loans to the Indian consortium of banks.  

Read | Panicky Vijay Mallya Makes A Second Plea To Authorities 24 Hours After Christian Michel's Extradition: 'Please Take The Money'

Read | Spooked By Christian Michel's Extradition, A Rattled Vijay Mallya Pleads With India

In a subsequent statement which he made on the micro-blogging platform, he also questioned how the recent extradition from Dubai (talking about Christian Michel) and his decision to pay off the debt are interlinked: