"Public-sector banks have policies for one-time settlements. Hundreds of borrowers have settled. Why should this be denied to us?," the businessman said.
"Our substantial offer before the Hon'ble Supreme Court was rejected by the banks without consideration," Mr Mallya charged.
I have humbly obeyed every single Court Order without exception. Seems as if Government is bent upon holding me guilty without fair trial- Vijay Mallya (@TheVijayMallya) March 9, 2017
He further requested the Supreme Court to intervene and direct the banks to negotiate and settle.
"We are ready," he said.
Yesterday, Attorney General Mukul Rohatgi charged that Mr Mallya had failed to disclose the $40 million deal with London-based company Diageo to the Supreme Court.
Wish the Hon'ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle.We are ready.- Vijay Mallya (@TheVijayMallya) March 9, 2017
"He took the Supreme Court for a ride, cares two hoots for the courts," Mr Rohatgi said.
Following this, the Supreme Court asked the liquor baron about the "truthfulness" of his disclosure of assets and transfer of the $40 million to his children.
"You answer us whether you have disclosed your assets truthfully? Did you violate the Karnataka High Court order (restraining Mr Mallya from transferring and alienating assets) by transferring $40 million," a bench of Justices AK Goel and UU Lalit asked Mr Mallya's counsel.
Mr Mallya, a former Rajya Sabha lawmaker, left India for the United Kingdom on March 2 and has stayed there ever since.
Last month, the Indian government handed over an extradition request to the UK government for Vijay Mallya, who is facing cases of loan default and other financial irregularities.
(with inputs from PTI)