Vijay Mallya
Vijay Mallya reportedly 'fled to the UK' as Indian banks attempted to recover loans from his grounded Kingfisher Airline.Carl De Souza/AFP/Getty Images

Business tycoon Vijay Mallya has reportedly offered to repay a portion of his debt to India's banks by September 2016. His lawyers submitted a copy of the proposal to India's Supreme Court on 30 March and the banks have been given one week to respond to the offer.

On 9 March a number of banks in India asked the Supreme Court to prevent Mallya from leaving the country as they awaited a repayment of loans from the tycoon's grounded Kingfisher Airline. However, the Court heard that Mallya had already left the country on 2 March.

Indian national media have reported that Mallya has offered to repay 40m rupees (£400,000) to banks by 31 September 2016. The issue has caused controversy in the country, where the public and opposition party politicians questioned why Mallya was allowed to travel abroad while banks were urging a repayment of loans.

According to local broadcaster NDTV, judges have asked Mallya's lawyers when he plans to return to India. His lawyers reported that since Mallya is available via video conference, there was no urgent need for him to return to the country at the moment.

Mallya has slammed media coverage since travelling abroad, insisting that he "did not flee from India". While there has been no confirmation about his exact whereabouts, it is believed that he is in the UK after announcing in February that he planned to move there to be closer to his children.

Posting on his Twitter account on 11 March, Mallya broke the silence about his situation: "I am an international businessman. I travel frequently. I did not flee from India and neither am I an absconder. Rubbish. As an Indian MP, I fully respect and will comply with the law of the land. Our judicial system is sound and respected. But no trial by media."