"The airline industry is littered with examples of struggling airlines being supported for strategic reasons," said Montgomery.
Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April 2017, avoided the usual scrum of reporters at the court entrance and went in with his lawyers separately.
Mallya, who relocated to London in 2017, controlled Kingfisher Beer in India, where he is still a substantial shareholder
A bench of Justices Nariman and S Ravindra Bhat observed that Mallya has not deposited a single penny to the banks so far.
A bench headed by Chief Justice S A Bobde passed the order after the Centre told the court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings
Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.
Maruti said it sold 124,375 vehicles in the domestic market in December as compared to 121,479 vehicles sold in the same month last year
Senior counsel Amit Desai, appearing for Mallya, said the court has ordered lifting of attachment of assets
Under the Fugitive Economic Offences Act, the court can order attachment of offenders' properties
Despite phenomenal growth, Indian aviation has been a mixed bag with many lost opportunities
The Asian Development Bank (ADB) on Wednesday trimmed its forecast for India's economic growth in 2019-20 to 5.1 per cent saying consumption was affected by slow job growth and rural distress
He was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on more than Rs 91 billion
IDBI Bank has informed and cautioned the public through the notice that "no person shall deal with any of the properties of the borrower/guarantor as huge dues are to be recovered from them".
Mallya had previously taken to Twitter to draw parallels between his situation and that of VG Siddhartha
In his plea, Mallya has said that he wanted attachment of only those properties that are related to Kingfisher Airlines
This strong assertion came on a day a UK court said Mallya's appeal in the UK High Court against his extradition order has been listed for a three-day hearing
The 63-year-old former Kingfisher Airlines boss told reporters outside the Royal Courts of Justice in London that he has always maintained that the charges against him were fabricated
The 63-year-old former Kingfisher Airlines chief faces alleged fraud and money laundering charges amounting to Rs 9,000 crore in India
A two-member bench of the Royal Courts of Justice comprising Justices George Leggatt and Andrew Popplewell made the conclusion after hearing the arguments
The judges are likely to reserve their judgment in the case and hand down their ruling in the coming weeks