SBI says recovery process on as no court stay yet.
He was also the chief financial officer of Kingfisher Airlines.
Banks tighten hold on Mallya for defaults on KFA loans
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
It is understood he is moving court indicating lenders had been rough with him and, hence, caused damage.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
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