A UK court on Monday rejected Vijay Mallya’s extradition plea in what could be a huge setback for the beleaguered businessman.

Mallya had earlier appealed against UK Home Secretary Sajid Javid's order to extradite Mallya. The rejection of Mallya's appeal is a positive development for Indian authorities who have been trying to bring Mallya back to India.

Following the development, Mallya will now have the option to appeal to the Supreme Court in the UK, thus delaying the process further.

Mallya, who claims that he is ready to return the amount he owes to a consortium of Indian banks, recently lashed out against Indian authorities for pegging his as the "poster boy" of economic offenders.

He faces charges of fraud, money laundering and violation of Foreign Exchange Management Act (FEMA).

Just a few days ago, reports emerged that Vijay Mallya is broke and is only left with assets worth Rs 2,956 crore, according to the submissions made at the court.

Vijay Mallya had fled the country in 2016 after defaulting on loan payments to the tune of Rs 9,000 crore to a consortium of 31 banks.