The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.
The lenders have not ruled out selling the property to recover part of their loans to the company.
Assuming that the AirAsia, SIA ventures with Tatas take off and others planning to expand don't change their minds.
Co-owner Vijay Mallya resigned as a director of the Force India Formula One team but will continue to serve as principal and shareholder.
The new airline has begun recruiting pilots and is close to confirming its top executives, including a Singapore Airlines executive as its chief executive officer.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
Mallya remains on bail pending his UK High Court appeal, now scheduled for February 2020.
Aircraft lessor International Lease Finance Corp said on Monday it had successfully removed one of six aircraft stranded in India by the dispute over the suspension of operations at Kingfisher Airlines.
According to agency reports, Jet Airways has approached the ministry to acquire six of the vacant slots.
Upon receiving suspension order from the Directorate General of Civil Aviation on Saturday, Aggarwal wrote to employees seeking their backing.
Ministry will try to persuade Airports Authority of India, fuel suppliers for easier terms to the airline
The stock exchanges have raised various concerns mainly about two UB Group firms -- Kingfisher Airlines and United Spirits -- for not providing required disclosures and not adhering to deadline regarding finacial results and the annual general meeting.
A section of the employees of the grounded Kingfisher Airlines on Thursday went on a hunger strike at the Kingfisher House in Mumbai, demanding immediate payment of salaries, which have been pending since last August.
With the launch of Tata AirAsia and Tata-SIA, the added capacity will bring down fares considerably, say observers.
The IATA suspended Kingfisher from its Geneva-based clearing house because of non-payment of dues to airline members.
The airline, which declared a partial lockout on Tuesday, has said it will start flying again from October 5.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
It was not a smooth sailing for the Indian aviation industry in 2012 as it saw the grounding of Kingfisher Airlines and financial trouble hitting Air India and other carriers besides a prestigious $500 million airport upgrade contract bagged by a leading Indian infra firm being terminated by the Maldives government.
FIIs, on the contrary, have been exiting the stock.
After oil firms' rebuff over dues, rival Jet refuses to accommodate Kingfisher passengers due to non-payment.
Regulator said that no permit will be given until it submits a revival plan.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams deputy executive officer (temple) Chinnamgari Ramana told PTI.
Cash-strapped Kingfisher had the best on-time performance in the last three years and low cost airline IndiGo registered the highest passenger load factor while national carrier Air India remained the worst performer on both the parameters.
All these companies were provided loans by PNB as part of consortium lending.
"I just have to ride out the storm," Vijay Mallya said.
Brewing billionaire Vijay Mallya's woes seem to be compounding. His flagship spirits arm, United Spirits Ltd (USL), is starting to mirror Kingfisher Airlines.
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