Mallya’s application seeking permission to appeal was refused by Justice William Davis on Friday," the Press Trust of India reported, citing a UK judiciary spokesperson. Mallya now has time till 12 April to move a second application before the court to admit his appeal, a person familiar with the development told Mint on condition of anonymity.
If the appeal is rejected again, Mallya would have the option to approach a higher court in the UK, the person said.
The UK high court’s decision comes as a shot in the arm for the Indian government, which has been trying to get the former promoter of the now-defunct Kingfisher Airlines back in India and face trial for alleged financial irregularities.
India has taken strong measures in recent years against corporate loan defaulters as it seeks to reset the lender-borrower equation with a new bankruptcy code.
India has also introduced reforms to bring transparency in corporate deals and unravel the complex web of parent-subsidiary structures. Besides, it has cracked down on shell companies that exist as vehicles for diversion of shareholder funds to promoter-held private firms, money laundering and tax evasion.
Mallya had filed the application in the UK high court after home secretary Sajid Javid approved his extradition to India in February.
On social media, Mallya has been claiming that he has appealed to public sector banks to accept his offer to pay back the entire principal loan amount he owes them.
“I invested over ₹4,000 crore into Kingfisher Airlines to save the company and its employees. Not recognised and instead slammed in every possible way. The same PSU banks let India’s finest airline with the best employees and connectivity fail ruthlessly," he had said in a tweet last month.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!