A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
Banks are seeking an order that Mallya should appear in person before the court.
The bank had issued the notice alleging the carrier has wilfully defaulted in payment of outstanding dues of more than Rs 770 crore (Rs 7.7 billion).
The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
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The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Diageo-USL integration pushed by at least two months; Firm likely to rework agreements and seek approval again
The development comes after a recent notification from the Union home ministry, which has permitted companies to resume manufacturing operations and reopening of shops in red, green and orange zones with certain riders.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
The parent entity, (Holdings) Ltd, have also expressed concern over the company's significant exposure to the airline.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
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 searches at the Tamil television channel were conducted over alleged tax evasion.
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Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
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