Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel.
Mallya fled from India and took refuge in London in March 2016. His monetary affairs are being investigated by India's Central Bureau of Investigation and the Enforcement Directorate, which handles financial crimes.
Mallya who has been on bail since his arrest on an extradition warrant in April a year ago has contested that the case against him is "politically motivated" and the loans he has been accused of defrauding on were sought by Kingfisher Airlines and not him.
"In case the individual concerned does not file an appeal, and Secretary of State agrees with the magistrate's decision, then the individual must be extradited from the United Kingdom within 28 days of the Home Secretary's extradition order". The 62-year-old former Kingfisher Airlines boss was on bail since his arrest on an extradition warrant in April last year. The Crown Prosecution Service and Mallya will have the right to file for a permission to appeal in the UK High Court, PTI had reported earlier in the Monday.
He is wanted for charges of alleged bank fraud and money laundering to the tune of over Rs 9,000 crore. "There was no ground at all to believe that he faces any risk at all (in jail)", the judge ruled. On being asked if his settlement offer of 100 per cent principal amount was genuine, Vijay Mallya said: "There is nothing genuine or ingenuine". He was out on bail since 2017 when Indian authorities approached court for an extradition.
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Please understand that the offer has been made in a court of law. "But that has nothing to do with the extradition case that is being heard today. and the judgement has nothing to do with the amount I have to pay to these banks".
Arbuthnot found that Mallya had misrepresented how loans received from banks would be used.
He had said his legal team would review the judgment and take proper steps thereafter.
Prior to Monday's verdict, Mallya had tweeted saying that he had offered to repay his loans and salaries due to now defunct Kingfisher Airlines.
The trial, which opened at the Magistrates' Court on December 4 past year, has gone through a series of hearings beyond the initial seven days earmarked for it.