Banks are seeking an order that Mallya should appear in person before the court.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
The Central Vigilance Committee has sought loan data from United Bank
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
Sebi asked to reconsider open offer nod as KFA was identified as wilful defaulter.
SBI-led consortium of 17 banks had a total exposure of about Rs 6,500 cr to Kingfisher Airlines.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
At least five state-run banks on central bank's radar for lax credit appraisal
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
The estimated cost breakdown is one of the most important forms in the construction loan package.
Wilful defaulters will not be allowed to take up board positions in any company.
Deepak Narang, executive director of United Bank of India, speaks on Vijay Mallya's 'wilful defaulter' status.
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
According to him, since India has a low fiscal deficit, a low current account deficit and lower inflation, there is no need for being too dependent on foreign money for growth.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
On Tuesday, Finance Minister P Chidambaram had more than adequately made clear that the government would be allocating Rs 14,000 crore through Budget, the Financial Services Secretary said.
Analysts say loan growth, Casa ratio and exposure to sectors under pressure did not indicate any stress at United Bank.
If you have plans to buy a new home in 2015, there's good news for you
With the first salary date after demonetisation around the corner, will India's labourers be able to take their hard-earned wages home?
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
The Reserve Bank of india is likely to tell state-run United Bank of India (UBI), which has seen erosion of capital due to bad loans and higher provisioning to implement prompt corrective action.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
As the Jan-Dhan scheme completes a month since its official launch, reports coming in from various parts of the country suggest the stated target of 75 million new accounts will be achieved much before January 26 next year.
Ironically, bad loans and non-performing assets are on the rise in public sector banks in India, say sector watchers.
Many from this small lender have made it to other bank boards over the past 5 years
In an interview with Business Standard, Arundhati Bhattacharya says she expects stalled projects coming back on track in two quarters.
For his 60th birthday in December, which he called his third 20th birthday, Mallya flew in Enrique Iglesias to perform at his villa overlooking the beach in Goa.
Few top honchos of India Inc did very well in 2014.
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