New Delhi, Apr 7 (IT) : A consortium of banks led by State Bank of India today rejected business tycoon Vijay Mallya's proposal to repay Rs 4,000 crores of the Rs 9,091 crores he owes the banks.

The banks told the Supreme Court that Mallya should be physically present in the country for the negotiations and that he should disclose his own assets as well as those of his family for a fair deal.

The matter is to be heard again in two weeks.

In a statement issued last week, SBI had said, "The consortium of banks led by SBI confirms receipt of an offer for settlement of dues from Kingfisher Airlines Ltd. The bank along with other consortium members, will examine the same."

The repayment offer in the Supreme Court was submitted by Mallya, Kingfisher Airlines, United Breweries Holdings and Kingfisher Finvest India.
Sources at various banks said that they want a better offer from the company.

Of the total amount, the banks have so far recovered only around Rs 1,240 crore by selling pledged shares and other collaterals. The lenders have another Rs 1,250 crore to gain but the amount is blocked due to various court stays.

Last year, SBI declared Mallya as "wilful defaulter" for failing to repay the dues. Punjab National Bank also declared him, group holding company United Breweries Holdings and Kingfisher Airlines wilful defaulters last month.

The banks have put on block the brand Kingfisher for sale on April 30 with a base price of Rs 356 crore. When pledged as collateral, the brand Kingfisher was valued by Grant Thornton at Rs 4,100 crore in 2011 and the recently others have pegged it a paltry Rs 100-200 crore.

The banks' efforts at selling the Kingfisher House in the city on March 17 came a cropper as no bidder came forward to buy the property, which had a reserve price of Rs 150 crore.