The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $ 2 billion
Move will help SBI-led consortium to reduce large outstanding debt against Kingfisher Airlines
Mallya is at present based in London and extradition proceedings are on to bring him to India
Only wish the same was done for Kingfisher, said Mallya in a tweet
This is the first sale of Mallya's confiscated assets by the authorities since he left the country in March 2016
The court had on May 8 last year directed the attachment of Mallya's properties in the case through the Bengaluru Police commissioner and sought a report on it
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
Consortium of banks led by SBI had filed an application before special court of MS Azmi here to liquidate Mallya's assets to recover Rs 6,203.35 crore with annual interest at 11.5% payable since 2013
Vijay Mallya said on Twitter that his request could not be dismissed as 'frivolous' and that the shoe was 'on the other foot now'
Mallya has been based in the UK since March 2016 and remains on bail on an extradition warrant executed by Scotland Yard in April 2017
Vijay Mallya now has 14 days from February 4 to apply for leave to appeal to the UK High Court
Mallya is wanted for alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore
He further said the DRT recovery officer recently attached his group's assets worth over Rs 13,000 crore in India on behalf of the consortium of banks
Last month, Mumbai special PMLA court had rejected Mallya's plea seeking a stay on hearing of ED's application to declare him a fugitive
Vijay Mallya is wanted in India for alleged fraud and money laundering charges amounting to an estimated Rs 90 billion
Mallya remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by the UK home secretary
Vijay Mallya had offered to pay back the full amount of the principal loan he owed to multiple banks
The court accepted the Indian government's contention that because Mallya has such a 'high profile'
Mallya now has 14 days to appeal against the order
allya, wanted in India on charges of fraud and money laundering amounting to around Rs 90 billion, had been on bail since his arrest on an extradition warrant in April last year