Vijay Mallya

Sources said the Enforcement Directorate, which has already issued three summons to Mallya, is yet to hear from him and will decide on the next course of action if he fails to appear on April 9.

Lenders of bankrupt Kingfisher Airlines (KFA) have rejected the Rs 4,000 crore repayment offer that its chief Vijay Mallya had made in a Supreme Court hearing last week.

Out of the total money Vijay Mallya had offered to pay back lenders, the Rs 2,000 crore commitment seems unclear as the funds are based on the outcome of a case with General Electric, reports CNBC-TV18's Kritika Saxena, quoting sources.

Mallya had been asked to appear before the ED in connection with a money laundering probe related to alleged fraud in a loan given to Mallya by IDBI.

While ED has already issued second round of summons on April 2, sources say it is yet to hear from Vijay Mallya. Further, ED may issue third round of summons if the business tycoon fails to appear tomorrow.

SFIO and CBI‘s investigation are stuck due to non-cooperation from UB Group companies and lenders, sources tell CNBC-TV18.

JN Gupta, former Executive Director of SEBI points out that this issue is no longer limited to banks but has taken a socio-political angle. Therefore, it is difficult to expect banks to take a purely commercial decision on whether to accept the offer.

Lenders to the grounded Kingfisher Airlines, however, need more time to look at the proposal.

Congress Vice President Rahul Gandhi alleged that Mallya met a Union Minister in the parliament house before leaving the country, while addressing a rally in poll bound Assam

The boards of group companies are expected to meet soon to discuss Mallya‘s future role.

According to the deal, Mallya will get a 10 percent discount on three prime USL properties in Goa, Delhi and Mumbai

The agency is waiting to hear from the Enforcement Directorate (ED) on alleged foreign exchange management act by the king of good times, who has now been summoned to the ED on the April 2.

The ED had recently registered a money laundering case against Mallya and others based on a CBI FIR registered last year. The agency is also investigating the overall financial structure of the now defunct Kingfisher Airlines and will look into any payment of kickbacks to secure loan.

Speaking to CNBC-TV18, criminal lawyer, Satish Maneshinde said that Vijay Mallya has been co-operative till date and has appeared in front of every authoritative body.

Officials said the beleaguered businessman has informed the Enforcement Directorate's investigating officer that he would not be able to keep tomorrow's date and sought time till April.

The consortium had evaluated the base price of the Kingfisher House at Rs 150 crore and bid increment amount was Rs 5 lakh.

Why is India the only democracy in the world that has state owned banks, says author Gurcharan Das.

The Kingfisher House in Mumbai that was seized by the consortium of lenders, headed by State Bank of India last year, will be auctioned on March 17. It will through an e-auction.

A special committee set up by the Economic Offences Wing (EOW) is likely to start investigating the 'money trail' between Mallya and group companies, sources say.

The Enforcement Directorate (ED) had issued summons to Vijay Mallya to appear on March 18, but as of now they have not heard back from him or his lawyers.