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

Liquor baron Vijay Mallya, on Thursday, again offered a settlement package to the consortium of banks. Mallya has exhausted his judicial remedies against his extradition to India. The settlement package, if accepted, is the only sliver of hope against the cases by the Enforcement Directorate.

According to a report on The Times of India, Mallya's counsel told the Supreme Court that he has offered a comprehensive settlement package to the banks. The counsel did not mention the amount of settlement before the bench headed by Chief Justice SA Bobde. However, a petition filed before the apex court last month offered a settlement of Rs 13,960 crore, as mentioned in the daily. The principal defaulted amount is of Rs 9,000 crore. This settlement offer is the highest offered by Mallya against his dispute with the consortium of banks and for the closure of money laundering cases under PMLA.

However, Solicitor General Tushar Mehta said that Mallya has been offering such settlements from time to time. "This is one of the many carrots Mallya had dangled at the end of a stick from time to time. Let him deposit the money before coming to India," he said.

The consortium of banks too, earlier this month, had rejected one of Mallya's settlement offers.

Last month, media reports suggested that Mallya's extradition to India was imminent and only a matter of time. However, as it turns out, there are multiple legal issues that need to be resolved before his extradition. "Vijay Mallya last month lost his appeal against extradition, and was refused leave to appeal further to the UK Supreme Court. However, there is a further legal issue that needs resolving before Mr Mallya's extradition can be arranged. Under United Kingdom law, extradition cannot take place until it is resolved. The issue is confidential and we cannot go into any detail," a British High Commission spokesperson had said.

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