Mallya is desperately seeking to reclaim his honour and he offered to sell his assets worth Rs139 billion to settle the dues he owes the banks in India. Mallya released a 2000-word document explaining his anguish and efforts he is making. He said he is doing everything possible to resolve the issue.
Mallya said ” I have become the ‘poster boy of bank default and a lightning rod of public anger. I wrote letters to the Prime minister and Finance minister on April 15, 2016, and am making these letters public to put things in the right perspective,” He said none of them bothered to reply him. Recently ED moved the court to declare a fugitive and to confiscate his assets worth Rs 125 billion.
In his letter he further said “UBHL and myself have filed an application before the Karnataka High Court on June 22, 2018, setting out available assets of around Rs 139 billion. We have requested the court’s permission to allow us to sell these assets under judicial supervision and repay creditors, including public sector banks as may be directed and determined by the court,” according to the letter.” But the earlier efforts by the consortium of 17 lender banks to sell Kingfisher Airlines met with mixed results.