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Reports said the the group of banks to which Mallya owes more than Rs. 9,000 crore informed the court on Thursday morning that they had met on Saturday, April 2, to discuss the liquor baron's offer.

The banks told the top court that for meaningful negotiation to take place,  Mallya needs to be present. 
 
They also said they have rejected a second offer on Wednesday.   

Kingfisher, which ceased operations in October 2012, owed the banks, mostly state-run, Rs 9,091 crore including interest and fees as of last November.

 Mallya, who flew to London last month,  has been ordered to tell the court how much money he can deposit with it to prove that he intends to make a meaningful settlement. 

 

The Supreme Court said he must file his response by April 21 and that the banks have to respond to that by April 25. 
 
The court also said that Mallya must indicate when he will be present in court.

 

Mallya's  lawyers say that he has spoken to his lenders via video conference, which means he is available and not absconding.  

 Mallya, through a video call, had offered to pay Rs 4,000 crore by September, with another Rs 2,000 crore if Kingfisher wins a lawsuit seeking damages from a plane engine-maker.