In a major setback for beleaguered liquor baron Vijay Mallya, the fugitive businessman on Thursday lost his application seeking leave to appeal in the UK Supreme Court, setting a 28-day clock on extradition proceedings.

India is seeking the extradition of Mallya as he is facing alleged fraud and money laundering charges amounting to Rs 9,000 crore.

The 64-year-old businessman had last month lost his High Court appeal against an extradition order to India on charges of fraud and money laundering related to unrecovered loans to his now-defunct Kingfisher Airlines.

He had 14 days to file his latest application to seek permission to move the higher court against the High Court judgment of April 20. A two-member bench of Lord Justice Stephen Irwin and Justice Elisabeth Laing at the Royal Courts of Justice in London had dismissed this appeal against a Westminster Magistrates' Court extradition order certified by the UK Home Secretary. 

The UK Home Office is now expected to formally certify under the India-UK Extradition Treaty the court order for Mallya to be extradited to India within 28 days.

"The court having signified its intention to refuse to certify a point of law of general public importance with a view to an appeal to the Supreme Court," the latest decision, referred to as a 'pronouncement', said. 

It sets the 28-day "required period", as defined by Section 36 and Section 118 of the UK Extradition Act 2003, within which the extradition must be carried out.

According to reports, the UK Crown Prosecution Service (CPS) said Mallya's appeal to certify a point of law was rejected on all three counts - of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court. 

The government of India response to the appeal application had been submitted earlier this week.

In December 2018, the Westminster Magistrates' Court in London had ordered Mallya's extradition to India to face the charges brought up by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). The Extradition was signed off by then UK Home Secretary Sajid Javid in February last year. 

The former Kingfisher Airlines boss had appealed to the higher court against his extradition ordered by the London Court at a three-day hearing in February this year.

Mallya, who fled to the UK in March 2016, has been declared a fugitive by India. He remains on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.