Creditors spurn India tycoon Mallya's settlement offer

New Delhi

INDIA'S Supreme Court has given Vijay Mallya two weeks to declare all his assets after lenders rejected the tycoon's settlement offer over the US$1.4 billion owing from the collapse of Kingfisher Airlines Ltd.

The court on Thursday gave the former billionaire until April 21 to comply after banks turned down Mr Mallya's proposal to repay as much as US$900 million. The lenders asked the judges to order Mr Mallya to pay back the entire amount due, with interest.

The besieged beer baron last week offered to settle his dues with a 40 billion rupee (S$813.1 million) payment by the end of September. He also promised a further 20 billion rupees if United Breweries Holdings Ltd, the parent of Kingfisher, wins a lawsuit alleging defective engines from International Aero Engines AG contributed to the carrier's collapse. Mr Mallya has sparred with the local media for portraying him as the sym…