Belt-tightening: Vijay Mallya may have to curb weekly spending of $24,100

Mallya, who added a portfolio of real estate, yachts, Scotch whisky and Formula 1 racing to his United Breweries Ltd. business over the last two decades, continues to live a 'lavish lifestyle'

Vijay Mallya, the ex-billionaire known as the “king of good times” in India, may have to prepare for a bout of relative austerity as he fights multiple lawsuits against creditors.

Mallya’s lawyers told State Bank of India, which is among lenders owed 1.142 billion pounds ($1.5 billion) by his defunct Kingfisher Airlines, that their client is willing to cut his spending to 29,500 pounds ($38,848) a month, SBI’s lawyers told a London court Wednesday. He is currently spending about 18,300 pounds ($24,100) a week.

The banks are seeking to seize about 258,000 pounds held in Mallya’s ICICI Bank UK Plc