The victory for the banks, which claimed the businessman had wilfully defaulted on the loans accessed from them, will enable them to enforce the Indian judgment against Mallya's assets in England and Wales.

Stock prices can sometimes fall like a brick, but that does not mean you can bottom-fish. Here's how you can avoid a costly plunge.

As per the legal claim, Kingfisher Airlines signed an agreement with aircraft leasing company BOC Aviation to lease out four aircrafts in 2014. The company delivered three of them but the fourth one couldn't be delivered due to an advance payment issue.

Vijay Mallya, who is undergoing an extradition trial in a UK court over Rs 9,000-crore fraud and money laundering charges, will face next year a parallel litigation brought by 13 Indian banks to freeze nearly $1.5 billion of his assets.

Domestic aviation industry is estimated to grow at 14 per cent helped by a positive outlook for crude prices.

Vijay Mallya, widely known as the 'King of Good Times' in his heydays, had to quit recently as Chairman of United Spirits - a company founded by his family in which he sold majority stake to UK-based liquor giant Diageo.

Mallya is an influential Member of Parliament and carries goodwill with several leading politicians cutting across political boundaries.

\"We have filed a contempt application in the High Court against... Vijay Mallya for violating an undertaking given before DRT,\" the counsel for the bank consortium said.

One of the main reasons Singh is interested in SpiceJet is that the airline has a significant market share.

The fate of the airline is more or less sealed. Fresh capital infusion, if it all that happens, might be a temporary solution.

The civil aviation ministry will ask oil companies and airport operators to give the Kalanithi Maran-led airline more time to pay its bills.

The strong financials of Jet Airways also swing the conditions in its favour. The fall in crude oil prices has also helped the stock.

The move piles pressure on Vijay Mallya who is also being pursued by domestic banks for not meeting loan-repayment obligations linked to his Kingfisher Airlines.

The top bourses BSE and NSE had said that trading would be suspended in securities of Kingfisher and UB Engineering with effect from December 1.

Besides, the entire promoter shareholding of these companies have been frozen with effect from today itself.

Kingfisher has sought directions to the bank to rescind the notices and also restrain it from taking any action against the airline pursuant to the same.

Net sales also went up 21.35 per cent to Rs 98.18 crore during the April-June quarter as against Rs 80.90 crore of the same period a year ago, the company said in a filing to the BSE.

The finance costs of Kingfisher Airlines for the reporting quarter stood at Rs 350.99 crore, against Rs 401.26 crore in the corresponding quarter of the previous year.

Gross non-performing assets (NPAs) of domestic banks jumped to 3.6 per cent at the end of March 2013 from 3.1 per cent of total lending a year earlier, according to RBI. Bad loans rose further to 4.2 per cent by the end of September 2013, latest data show.

A section of Kingfisher Airlines employees lodged a complaint with the Delhi Police against its owner Vijay Mallya accusing him of \"exploitation, false promises, fraud and breach of trust\".