Lenders to the Kingfisher Airlines Ltd have decided to reject Vijay Mallya’s offer for a settlement, two bankers confirmed. In a meeting on Saturday, the lending consortium decided to reject Mallya’s offer of paying `4,000 crore as a settlement package to dues worth more than `6,000 crore.
While the message has not been conveyed to Mallya and his attorneys yet, bankers will be rejecting this offer on Thursday during the Supreme Court hearing on the matter.
One of the banker said that the offer is badly structured and there is no possibility of receiveing money back. Its like a distant dream.
“Parts of the settlement offer are dependent on the outcome in court cases which are still pending in courts in India and London. We are not sure how or when they will be resolved. How do we accept an offer without that clarity?” asked another public sector banker directly involved in the case, also seeking anonymity.