Vijay Mallya

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.

Mallya lawyers told the British High Court this week that he had been the victim of the airline industry's misfortunes and had no fraudulent intentions behind seeking loans for his now-defunct airline.

The 64-year-old former Kingfisher Airlines boss, wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans, said the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are fighting over the same assets and not treating him reasonably in the process.

Mallya, 64, who is wanted in India on charges of fraud and money laundering amounting to Rs 9,000 crores in unpaid bank loans, said he felt "good" as he entered the court.

Mallya, 64, is wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans.

Mallya had received permission to appeal on one ground, which challenges the Indian government's prima facie case against him of fraudulent intentions in acquiring bank loans for his now-defunct Kingfisher Airlines.

The 64-year-old former Kingfisher Airlines boss, who remains on bail since his arrest on an extradition warrant in April 2017, had sought permission to appeal from the High Court against the extradition order.

During court proceedings, brought by the bank in the Admiralty Division of the High Court in England, it had been claimed that liquor tycoon Vijay Mallya's son Siddharth Mallya was the ultimate beneficial owner of the yacht.

Senior advocate S Guru Krishna Kumar, appearing for Mallya, said at the outset that other petitions filed by him were coming up for consideration before another bench.

A bench headed by Chief Justice S A Bobde passed the order after the Centre told the top court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings.

The assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender.

Judge Michael Briggs presided over the ongoing hearing in the insolvency division of the court on a bankruptcy petition filed by the banks last year, in relation to lending by Mallya's now-defunct Kingfisher Airlines.

A previous UK High Court ruling had refused to overturn a worldwide order freezing vIJAY Mallya's assets

In the wake of the death of Cafe Coffee Day founder V G Siddhartha, Sitharaman made the statement while responding to the debate on the amendments to the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha last Thursday.

The 63-year-old former Kingfisher Airlines boss, who is fighting extradition to India in relation to fraud and money laundering allegations, accused the government of not doing enough to support entrepreneurs in debt.

Investigating agencies believe the arrangement has been in effect for a minimum one year

Mallya, who is currently in the UK, has been charged by the Enforcement Directorate of defaulting on bank loans to the tune of Rs 9,000 crore.