Two months after India handed an official extradition request to wilful defaulter Vijay Mallya, London Metropolitan Police's Extradition Unit arrested Mallya on Tuesday at around 9.30am local time (1.30pm IST).
Mallya, who was taken to Westminster Magistrates' Court, was granted bail three hours after his arrest.
When Mallya had left the country in March 2016 for the United Kingdom, he owed around Rs 9000 crore (including interest) to the consortium of 17 nationalised and privatised banks.
In April 2016, the banks had shot down Mallya's offer of Rs 6,868 crore to settle the dues during a Debt Recovery Tribunal (DRT) hearing.
Following that, there were multiple bailable and non-bailable warrants issued against him in various courts of the county after complaints by various government agencies including the Enforcement Directorate and the Central Bureau of Investigation.
In June 2016, the Enforcement Directorate had told Interpol that it was "obligatory" on its part to issue a Red Corner Notice (RCN) against Mallya in connection with the alleged Rs 9000 crore bank loan fraud.
"The UK Home Department on February 21 conveyed India's request for the extradition of Mallya and this was certified by the Secretary of State and sent to Westminster Magistrate Court to consider the issuing of a warrant," Gopal Baglay, an MEA spokesperson, said earlier.
A timeline of developments till now:
November 2010: Kingfisher Airlines (KFA) board approves debt recast package.
December 2011: Mumbai International Airport Pvt Ltd sends a notice to the airline to pay a Rs 90-crore outstanding due.
December 2011: The Service Tax Department freezes accounts of KFA for non-payment of Rs 70 crore.
March 2012: The Revenue Department threatens to take KFA to court over alleged service tax evasion.
October 12, 2012: Non-bailable arrest warrant issued against Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques, issued in favour of GMR Hyderabad International Airport towards user charges.
October 20, 2012: The airlineâ€™s permit gets suspended.
December 5, 2012: SBI, lead banker in the 17-lenders consortium that extended Rs 7,000 crore worth loans to the carrier, said banks are trying to do everything to find a solution.
December 31, 2012: The carrier loses its flying licence as the DGCA refuses to renew its Air Operator Permit (AOP).
February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government, tax deducted at source.
August 9, 2014: CBI institutes a preliminary inquiry against IDBI Bank and KFA. The bank had sanctioned a loan of Rs 950 crore, despite KFA having a negative rating.
September 2, 2014: SC denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India to declare the airline and its promoter Mallya as wilful defaulters.
February 24, 2015: The 17-bank consortium takes over possession of Kingfisher House.
April 25, 2015: Alleging fund diversion to KFA and other UB Group entities, United Spiritsâ€™ new owner Diageo, asks Mallya to step down as chairman and director of the liquor firm.
July 2015: CBI initiates criminal investigations against Mallya.
February 2016: United Spirits asks Mallya to quit the board.
February 27, 2016: The SBI-led consortium of lenders moves the DRT to attach Mallyaâ€™s passport.
March 1, 2016: State Bank of India, other banks move application in Supreme Court to impound Mallya's passport.
March 2, 2016: Mallya leaves India for London.
March 7, 2016: DRT asks Diageo to withhold non-complete payment to Mallya.
April 2016: The Ministry of External Affairs revokes Mallyaâ€™s passport. Formal request made to UK to deport Mallya to India.
May 2016: UK government declines request for deportation, saying no requirement of valid passport to remain in the country as long as entry was made on a valid one.
June 2016: The State Bank of India (SBI) registers a fresh complaint with the Central Bureau of Investigation (CBI) against Kingfisher Airlines (KAL) for a loan default of Rs 1,600 crore.
July 2016: Diageo accuses Mallya of diverting funds from its Indian subsidiary to Mallya's personal assets.
November 2016: A PMLA (Prevention of Money Laundering Act) special court declares Vijay Mallya an absconder. SBI writes off Vijay Mallyaâ€™s loan of Rs 1,200 crore.
February 2017: United Breweries asks Mallya to resign. India seeks Mallyaâ€™s extradition.
March 2017: UK clears Mallya's extradition request.