'Poster boy of bank default' Mallya offers to sell assets to repay loans

Fugitive tycoon Vijaya Mallya has sought the Karnataka High Court's permission to let him and his holding firm UBHL sell their assets under judicial supervision and repay creditors, including state-run banks.

"UBHL (United Breweries Holding Ltd) and myself have filed an application before the Karnataka High Court on June 22, setting out available assets of about Rs 139 billion (13,900 crore)," said Mallya in a letter released on Tuesday.

Mallya has requested the court's permission to allow him to sell the assets under judicial supervision and repay creditors, including the state-run banks such amounts as may be directed and determined by the court.

Breaking his silence after a long time, Mallya on Tuesday said he has become the "Poster Boy" of bank default and a lightning rod of public anger.

The 62-year-old liquor baron, who fled the country in March 2016, has been living in London since then despite summons from Indian courts and law enforcement agencies to appear before them for trial in various cases.