Flamboyant Indian businessman Vijay Mallya, who is accused of fleeing to London last month owing more than a billion dollars to Indian banks, has offered to repay over 40 percent of his debts by September.

His attorney C.S. Vaidyanathan told India's top court on Wednesday that the offer had been made to Mallya's Indian lenders.

The Press Trust of India news agency reported that the Supreme Court gave the banks a week to respond to Mallya's proposal. If they decline to accept it, then Mallya will face prosecution.

The opposition Congress party has accused Prime Minister Narendra Modi's government of letting Mallya fly out of India on March 2 while he was being pursued by the banks over massive debts amounting to 9 billion rupees ($1.3 billion).