“I have been most pained as being painted as an absconder – I have neither the intention nor any reason to abscond...” In a press statement issued late Sunday night (March 7), Vijay Mallya made it clear that he is willing to cooperate with various investigation agencies and, if one goes by his claim, then he should soon be flying down to Delhi to present himself before the Supreme Court as well as the Enforcement Directorate.

But the fact that he took the first tranche of the $75-million settlement with Diageo and immediately flew off overseas and let his battery of lawyers defend him at the Bangalore bench of the Debt Recovery Tribunal have raised some doubts.

At the DRT hearing, Mallya’s lawyers kept dodging repeated queries from lawyers representing the SBI-led consortium about his whereabouts, except claiming that he was out of town. Nor was any mention made about whether the first tranche of $40 million had already been paid.

However, an official with Diageo said that the text of the agreement clearly states that the money would be paid immediately, and hence, it was paid as soon as the agreement was inked.

But a lawyer for the lenders claimed that they were informed that the money will be paid closer to March 31.

He added that he did not know about the first tranche being already paid.

Even though Mallya has received $40 million, he will have to return the money to Diageo as the entire amount has been attached by the tribunal. The tribunal has also asked Diageo and Mallya to disclose the details of the agreement they have entered into.

The lawyers for the lenders made it clear that the DRT was approached because they wanted a restraining order on Mallya from travelling.

What remains to be seen is whether Mallya will actually come back soon to India.

Some of Mallya's close associates say that the issue regarding the debt owed by Mallya has been blown out of proportion, both by the lenders as well as by the former liquor baron.

They point out that he might still have escaped much attention of the lenders and anger of his employees had he celebrated his 60{+t}{+h} birthday in his Goa residence in a subdued manner.

It forced the Reserve Bank Governor Raghuram Rajan to remark that if one flaunts one’s birthday bashes even while owing the system a lot of money, it does seem to suggest to the public that one doesn’t care.

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