Mallya Got One-Time Settlement Offers from SBI fro Kingfisher Loans, But has some conditiona!
State Bank of India (SBI) has offered to have a one-time settlement of the Kingfisher Airlines loan issue with India's former liquor baron Vijay Mallya. However, the bank would like him to agree that he would repay the outstanding principal amount along with some interest and legal fees. To this, Mallya has put some conditions which are said to unacceptable to the bank, as said by SBI chairman Arundhati Bhattacharya. Bhattacharya told a parliamentary panel, set up for scrutinizing amendments to debt recovery laws, that in the past, SBI has aggressively tackled the matter and is now open to reaching one-time settlements, only if he offers to repay the principal along with a reasonable amount of interest. However, she said that while Mallya had expressed his willingness to have a settlement, he had laid down some of his conditions which were not acceptable to the country's largest bank, which led the consortium of PSBs that had approached the court for an order agains