Goa, Aug. 15 -- The Bombay High Court has signalled that a long-running commercial dispute involving fugitive businessman Vijay Mallya and a consortium of banks led by the State Bank of India (SBI) may finally be nearing closure. The court has asked the Enforcement Directorate (ED) to clarify whether the asset recovery and settlement process connected to Mallya's liabilities has been completed.

The development came during the hearing of Mallya's 2020 petition challenging an order that allowed the SBI-led consortium to use assets confiscated by the ED to recover dues linked to the now-defunct Kingfisher Airlines.

Senior advocate Amit Desai, appearing for Mallya, told the court that circumstances had changed considerably since the petitio...