The ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.
The HC also offered a ray of hope to the hundreds of employees of UB-Group owned now-grounded Kingfisher Airlines, who have not been paid monthly salaries for over a year now.
The total amount of penal interests charged from the defaulting parties stood at about Rs 115 crore.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
Friday's hearing is expected to be presided over by Chief Magistrate Emma Arbuthnot, the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December.
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
Vijay Mallya has lost control of his companies.
Fugitive diamond merchant Nirav Modi, wanted in India in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was on Tuesday further remanded in custody until January 7 by a UK court hearing his extradition case. The 49-year-old businessman, who has been behind bars at Wandsworth Prison in south-west London since his arrest last year following India's extradition request for him, appeared via videolink for a routine 28-day remand hearing on Tuesday before Westminster Magistrates' Court in London. The final hearings in the extradition case are scheduled over two days, on January 7 and 8 next year, when District Judge Samuel Goozee is scheduled to hear closing arguments from both sides before he hands down his judgment a few weeks later.
These hotties have been the toast of the fashion world this year.
Sources said Mallya has also been asked to furnish documents related to his personal finances
Nagaland model Katheleno Kenze, who was featured in Kingfisher Swimsuit Calendar 2014, talks about her modelling career and offers fitness, style and career tips.
The Kingfisher Calendar girl is all set to star opposite Power Star Pawan Kalyan in his next movie The Shadow.
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
Here's the full text of the statement
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
Kingfisher Premium has opened up its 'World' with an online consumer initiative to select the "face of Kingfisher" giving the winner access to all kinds of goodies.
"By taking my passport or arresting me, they are not getting any money," Vijay Mallya said.
With the launch of Tata AirAsia and Tata-SIA, the added capacity will bring down fares considerably, say observers.
The 62-year-old former Kingfisher Airline boss' defence team, led by Clare Montgomery, opened the day by branding the government of India's evidence presented in the case as "utterly unfounded".
In the 25-page defence evidence affidavit, which was served to the UK Crown Prosecution Service, Mallya is learnt to have alleged that his was a case of "political vendetta" and "loss-making business".
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
The airline would offer Re 1 ticket to a few passengers through a lucky draw as part of its promotional campaign.
In a conversation with Business Standard after an eventful annual general meeting of Kingfisher, he clears the air on many aspects.
Mallya said he was being advised by lawyer Harish Salve.
Several passengers have been complaining on social media as domestic airlines have decided not to give refunds in cash for cancelled flights due to the lockdown and instead issue credit for future travel.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
International Lease Finance said on Monday it had removed one of six aircraft stranded in India by the dispute over the suspension of operations at Kingfisher Airlines. This decision comes after the DGCA's meeting with Airports Authority of India and the civil aviation ministry.
Mallya remains on bail pending his UK High Court appeal, now scheduled for February 2020.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
According to agency reports, Jet Airways has approached the ministry to acquire six of the vacant slots.
On Monday, the ministry withdrew foreign traffic rights it had granted to Kingfisher Airlines.
A beleaguered Vijay Mallya may have walked free on bail within hours of his arrest but the event, which he nonchalantly dismissed as "usual Indian media hype", had rival parties claiming credit for it and engaging in recrimination.
Delivering the verdict, Westminster Magistrates' Court Chief Magistrate Judge Emma Arbuthnot said that there was "no sign of a false case being mounted against him".
Bombay high court on Tuesday refused to restrain banks from selling shares of United Spirits pledged as security against loans to Kingfisher.
Mallya took a dig at Chaudhuri by saying, while the SBI chairman had all guns blazing on loan recovery, all his guns were blazing on restart and rehabilitation of the airline.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
The Goa villa, Mumbai office could be put on the block.
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
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