Vijay Mallya

Natalia George
Yahoo! India News

The man fondly referred to as the ‘King of Good Times’ is facing a really bad time. Once a billionaire, Mallya’s net worth has slipped to $800 million. His Kingfisher Airlines (KFA), which had its license suspended in October after its ability to operate and pay its employees, is facing a staggering debt of $2 billion.

His bad time though did not stop there. Again last month, a judge issued a warrant for Mallya and four other directors of KFA for their non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited towards user charges. He also said that he is reluctant to sell family silver to bail out KFA.

But not all was gloomy. Despite all the controversy surrounding him, Mallya made an appearance at the Indian Grand Prix asking if he should be anywhere else. The liquor baron was also able to sell his stake in United Spirits to Britain’s Diageo this year.