However, with rejection, Mallya has left with no legal options in the United Kingdom and will likely to be extradited to India within 28 days. The UK home secretary will have to sign the extradition papers within 28 days, following which, concerned higher authorities in the UK will coordinate to extradite Mallya to India.
The London high court, last month, had rejected Vijay Mallya's appeal against extradition which led him to seek permission from the court to move the supreme court against the order.
On April 20, it was observed by the London High Court that Vijay Mallya had defrauded the Indian banks and should be handed over to the Indian jurisdiction.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been pursuing a legal battle against liquor baron Vijay Mallya since 2016 in the UK courts. Mallya is accused of defrauding Indian banks of over Rs 9,000 crore. He fled the country in 2016.
Mallya is out on bail since April 17 on a bond of 650,000 pounds. CBI and ED are hopeful that Vijay Mallya will be extradited to India from London within the next 28 days. Both the CBI and the ED have filed an FIR against Mallya in Mumbai. He will be brought to the city once the UK home secretary signs the extradition papers.
Mallya fled to London in March 2016 and a request for his extradition was forwarded to the UK authorities by CBI on February 09, 2017 through diplomatic channels.
According to the CBI, the extradition of Mallya was sought to face trial on the allegations of " misrepresentations made to the IDBI bank to induce the said bank to sanction and disburse loans of Rs. 150 Crore on 07.10.2009, Rs. 200 Crore on 04.11.2009 and Rs. 750 Crore on 03.12.2009. These included dishonest and deliberate misrepresentations and concealment of brand value of Kingfisher Airlines Ltd., inflation of the security value, false promises of equity infusion and future rosy projections, among others."
The agency has also alleged that Mallya dishonestly used loans sanctioned and disbursed by IDBI bank and diverted it in violation of terms of sanction.
Just hours before the rejection of his application by the London high court Mallya in a tweet had said that he is ready to pay the money he owes to Indian banks.