Vijay Mallya

In May, Mallya lost his appeals in the UK Supreme Court against his extradition to India to face money laundering and fraud charges.

The point being made in the case, as per a report, is that the extradition to India could endanger his health.

Since Mallya's real estate assets, which include a Mumbai office property, his cars and other personal belongings won't fetch much, banks are pinning their hopes on acquiring Mallya's stake holding in United Spirits and United Breweries.

No estimate was given of how long resolution of the legal issue will take

On May 14, he lost his final appeal against extradition to India in the United Kingdom's Supreme Court.

"The government of India is in touch with the UK regarding the next steps in his extradition process," External Affairs Ministry Spokesperson Anurag Srivastava said on Thursday.

He can be extradited in 28 days.

While congratulating the Indian government over the Rs 20 lakh crore economic package, Mallya lamented that his repeated offers to repay his dues have been ignored.

The 64-year-old businessman had 14 days to file this application to seek permission to move the higher court on the High Court judgment from April 20, which dismissed his appeal against a Westminster Magistrates' Court extradition order certified by the UK Home Secretary.

His remarks came after Finance Minister Nirmala Sitharaman said that wilful defaulters were beneficiaries of 'phone banking' under the UPA regime and the Modi government is chasing them to recover the dues.

In the RTI response, the central bank did not, however, disclose information on overseas borrowers. Citing a Supreme Court judgement, it said that the said information is exempted from public disclosure.

The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.

Mallya's holding in United Breweries is 11.04 percent which has a value Rs 2,696 crore and that of United Spirits (1.52 percent) at Rs 582 crore. In total, if banks manage to sell these share holdings on April 20, banks would get Rs 3,278 crore.​ But selling these shares and recovering money isn’t that easy.

The two entrepreneurs started off their careers from two different worlds. But now find themselves in similar circumstances

Mallya now has 14 days’ time to apply for a certificate from the High Court that would state that an arguable point of law of general public importance was overlooked by both courts that heard his appeal

Bollywood actor Sanjay Dutt was housed here when he served his sentence.

Mallya had appealed against a 2018 decision that allowed his extradition to India.

Justice Michael Briggs of the insolvency division of the High Court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.

Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India.

Bankers forgot the golden rules before the flamboyant liquor baron and lent to an airline that never made profits in its eight years of existence.