Disappointed over 'willful defaulter' label, says Vijay Mallya

Earlier on Sunday, the MEA had revoked Mallya's passport in order to bring him back into India

Expressing his willingness to settle all financial disputes with the banks, fugitive liquor baron Vijay Mallya said that he is disappointed over the former labeling him a willful defaulter.

"I have been labeled willful defaulter which I just cannot understand. We have invested over 600 million pounds into Kingfisher Airlines. We tried everything conceivably possible to save the airline. A combination of macro-economic factors and then government policies, unfortunately could not safe Kingfisher," said Mallya.

In an interview with Lionel Barber, Editor of the Financial Times, Mallya said he would definitely like to return to India but his passport has been revoked.

"I would definitely like to return to India. Right now things are flying at me, fast and furious. My passport has been revoked. I don't know what the government is going to do next, but, I have always maintained that notwithstanding anything else," he said , adding, "I am interested in the settlement with the Kingfisher Airlines, bankers and would like to repeat that I will reach out if they are interested in making a settlement."

Earlier on Sunday, the Ministry of External Affairs had revoked Mallya's passport in order to bring him back into India.

The ministry has yesterday written to the High Commission of the United Kingdom in Delhi requesting Mallya's deportation so that his presence can be secured for investigations against him under the Prevention of Money Laundering Act 2002.

The businessman is facing legal proceedings for alleged default of loans worth over nine thousand crore rupees from various banks.

The Ethics Committee of Rajya Sabha on Monday decided to recommend expulsion of Mallya, however, has given him one week to explain his position.