Mumbai/IBNS, Aug. 13 -- The Bombay High Court on Wednesday said the long-standing dispute between fugitive businessman Vijay Mallya and a consortium of banks needs to be brought to an end, observing that prolonged proceedings could have a wider impact on the country's economy.

Mallya was declared a Fugitive Economic Offender in January 2019 under the Prevention of Money Laundering Act (PMLA).

The former liquor baron, accused of defaulting on multiple bank loans and facing money-laundering charges, left India in March 2016.

Senior advocate Amit Desai, appearing for Mallya, told the court that the petition was filed in 2020 when settlement talks were underway.

He submitted that six years later, the circumstances had changed and most of ...