He appeared via videolink from the prison as his legal team offered a package of "stringent" bail measures, including bail security of 4 million pound, house arrest with a 24-hour electronic tag as well as a private security guard service and a strictly monitored access to gadgets and telephones.
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
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A key defence to disprove a prima facie case of fraud and misrepresentation on Mallya's part has revolved around the fact that Kingfisher Airlines was the victim of economic misfortune alongside other Indian airlines.
Mallya's barrister, Clare Montgomery, reiterated the central defence that there had been no misrepresentation or fraud on the part of her client and that Kingfisher Airlines was the victim of economic misfortune alongside other airlines.
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Mallya now has 14 days from February 4 to apply for leave to appeal to the UK high court.
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Mallya has an automatic right to appeal in the UK High Court against the Chief Magistrate's order but is yet to confirm if he plans to do that.
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The case will now be listed in the coming weeks for a hearing before a judge, where Mallya's legal team and the Crown Prosecution Service will go to reiterate factors for and against the businessman's extradition to Arthur Road Jail in Mumbai.
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