The proposal of Vijay Mallya, Kingfisher Airlines Chairman for repaying Rs 4,000 crore as partial settlement of the carrier’s debts has been rejected by the consortium of banks.

It said to the Supreme Court that the proposal has been rejected by it “after full consideration.”

The banks have told to the court that “Mr. Mallya’s presence in the SC is necessary to give confidence of his bonafied.”

Mr. Mallya has been asked by the apex court to file an affidavit by April 21 on what “substantial amount” he can pay in cash to the banks.

Read EquityPandit’s BankNifty Outlook for this week