Soon after his bid to clear claims of 9,000 crore to a consortium of banks with a 2000 Rupee payment was rejected, now Mallya has offered to pay Rs 4000 crore. Banks are currently attempting to recover the amount due by assessing Mallya properties - the Kingfisher House was recently put on auction with a reserve price of Rs 150 crore . The banks have moved the Debt Recovery Tribunal, Bengaluru and the Karnataka High Court and the company said it is contesting their claims. Banks are now charging 15.5 percent compounded interest on this principal amount, which have not been serviced since January, 2013.

Kingfisher and Vijay Mallya give proposal in sealed cover in SC to repay around Rs 4000 crore loan to banks by September this year.

— Press Trust of India (@PTI_News) March 30, 2016