Vijay Mallya

The 63-year-old former Kingfisher Airlines boss had filed the application in the High Court after UK home secretary Sajid Javid signed off on a Westminster Magistrates' Court order for his extradition to face the Indian courts back in February.

The 63-year-old had been sanctioned an 'ordinary living expenses allowance' of a maximum of 18,325.31 pounds a week, which he offered to cut down to around 29,500 pounds a month during a UK High Court hearing this week.

According to Mallya’s lawyer John Brisby, the liquor baron is an insolvent.

Mallya had last month approached the high court challenging a January 5 order of a special Prevention of Money Laundering Act court declaring him a fugitive economic offender under the FEO Act.

In his characteristic style of issuing statements through social media, the 62-year-old asserted that by Modi's own assertion the recovery of assets was higher than the alleged Rs 9,000 crores he faces extradition to India on fraud and money laundering charges.

"Do we know which part of India he (Modi) is being sought in," the judge asked, to try and establish which jail Modi is likely to be held in.

The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion.

Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.

United Breweries shares closed over 2 per cent up on the BSE at Rs 1,347.90 Tuesday and the sale of 74,04,932 shares at this price would fetch around Rs 999 crore.

Heineken, UBL's largest shareholder with a 44 percent stake, has reportedly approached SBI for the stake.

Mallya's lawyer Amit Desai said declaring him a fugitive and thereby permitting his assets to be confiscated would only harm the interests of his lenders.

'The application has been sent for a judge on papers decision, which is expected any time between two to four weeks,' a UK court representative said.

The extradition of Mallya has been approved by UK Home Secretary, in a major blow to the liquor baron and boosting India's efforts to bring back the fugitive businessman.

"Modi Government clears one more step to get Mallya extradited while Opposition rallies around the Saradha scamsters," Jaitley tweeted. UK Home Secretary Sajid Javid has ordered the extradition of Mallya on charges of conspiracy to defraud and money laundering offences, the British Home Office said in London.

The UK Home Office confirmed on February 4 that after considering all matters, Javid had signed Mallya's extradition order on February 3.

He is expected to move the UK High Court and has 14 days to appeal against the extradition.

UK Home Secretary Sajid Javid has ordered the extradition of Mallya on charges of conspiracy to defraud and money laundering offences, the British Home Office said in London.

Mallya further said the DRT recovery officer recently attached his group's assets worth over Rs 13,000 crore in India on behalf of the consortium of banks.

BJP spokesperson Sambit Patra said the law was brought in by the present NDA government to ensure that absconders - like Mallya - are brought to justice.

His properties can now be confiscated by the government