Kingfisher Airlines and its promoter Vijay Mallya haveproposed to repay 40billion Indian rupees to a consortium of Indian banks led by , The Times of India reported March 30.

The businessman proposed to repay 20 billion rupees upfrontand the remaining 20 billion rupees by Sept. 30.

The defunct airline owes more than 90 billion rupees tobanks.

The Supreme Court gave the consortium one week to respond toMallya's proposal and will hear the matter April 7.

As of March 30, US$1was equivalent to 66.17 Indian rupees.