NEW DELHI -- Liquor baron Vijay Mallya, whose defunct Kingfisher Airlines owes $1.4 billion to a group of banks, has proposed to repay 40 billion rupees ($603 million) worth of loans by end-September, according to two lawyers present at a Supreme Court hearing on Wednesday.
The creditor banks, led by State Bank of India, had petitioned the Supreme Court over recovery of their dues and had asked the court to demand Mallya's return after he left the country on 2 March. His exact whereabouts are not known.
The Supreme Court on Wednesday asked the banks to reply within a week to Mallya's proposal made through his lawyer.
It set the next hearing of the case for 7 April, the two lawyers said.
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