30/03/2016 1:29 PM IST | Updated 15/07/2016 8:26 AM IST

Vijay Mallya Promises To Repay ₹ 4,000 Crore To Banks By September

Mint via Getty Images
MUMBAI, INIDA NOVEMBER 15: Vijay Mallya, Chairman of Kingfisher Airlines at press conference to announce the results at Regency Ballroom, Hyatt Regency, Andheri (E) on November 15, 2011 in Mumbai, India. (Photo by S Kumar/Mint via Getty Images)

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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