A consortium of 17 banks led by the State Bank of India told the Supreme Court on Wednesday that they had rejected liquor baron Vijay Mallya's latest loan-repayment proposal, which they received on Tuesday evening. The banks told the court that they want Mallya, whose now-defunct Kingfisher Airlines owes them Rs 9,000 crores, to personally negotiate a new proposal with them, reported ANI.

Mallya had earlier offered to pay Rs 4,000 crore to the banks by September, but this proposal was rejected. Kingfisher has asked for two weeks' time to come up with a new proposal, the report said. The Supreme Court bench, comprising Justices Kurian Joseph and RF Nariman, asked Mallya to deposit "a substantial amount" to prove his bona fides. It also asked the businessman to disclose his assets, along with those of his wife and children, by April 21.

The bench also asked the 60-year-old's lawyers to inform the court when he is returning to India. Mallya had left the country in March after stepping down as chairman of United Spirits when the banks started protesting loudly against him defaulting on payments. He was called in for questioning by the Enforcement Directorate in connection with the money he owes the banks.

Mallya has maintained that he did not flee the country, but that he travels extensively for his work. He is reportedly in the United Kingdom. The next hearing in the case will take place on April 26.