Vijay Mallya makes last ditch effort to avoid jail and offers Rs 13,960 crore settlement package

On Thursday, liquor baron Vijay Mallya again offered a settlement package to the banking consortium. Mallya has exhausted his legal remedies against his extradition to India. The settlement package, if accepted, is the only silver lining against the case by the Enforcement Branch.

According to a Times of India article, Mallya’s lawyer told the Supreme Court that he had offered a full settlement to the banks. The lawyer did not mention the amount of the settlement before the bench headed by Chief Justice SA Bobde. However, a petition filed in the Supreme Court last month offered a settlement of Rs 13,960 crore, as mentioned in the daily. The principal amount in default is Rs 9,000 crore. This settlement offer is the highest offered by Mallya against its dispute with the consortium of banks and for the closure of the money laundering cases under the PMLA.

However, Solicitor General Tushar Mehta said Mallya has come up with such settlements from time to time. “This is one of many carrots that Mallya would dangle on the end of a stick from time to time. Let him deposit the money before he comes to India,” he said.

The consortium of banks also earlier this month rejected one of Mallya’s settlement offers.

Last month, the media suggested that Mallya’s extradition to India was imminent and only a matter of time. However, it turns out that several legal issues need to be resolved before his extradition. “Vijay Mallya lost his extradition appeal last month and was denied leave to appeal to the UK Supreme Court. However, there is another legal issue that needs to be resolved before “Mr Mallya’s extradition can be arranged. Under UK law, extradition cannot take place until it is resolved. The matter is confidential and we cannot go into details,” said a spokesperson for the British High Commission.

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