He has been arrested on April 18 in London, produced in a metropolitan court and even granted a bail.
The warrant in the United Kingdom was issued in relation to accusations of fraud surrounding his failed Kingfisher Airlines company, which is reported to owe banks over a billion dollars.
An extradition hearing will now take place at Westminster Magistrates' Court, where the District Judge must decide whether extradition can be denied on any health or human rights grounds.
India subsequently lodged a formal request for Mallya's extradition under the Extradition Treaty between India and the UK.
An India-based spokesman for Mallya's UB Group did not offer an immediate comment, said Reuters.
Vijay Mallya, the business tycoon and owner of Kingfisher company left India previous year amid attempts by a group of banks to recover the unpaid loans. The Force India boss was arrested after attending a central London police station and is set to appear in front of Westminster Magistrates' Court later today (18th April).
The arrest comes weeks after Indian Finance Minister Arun Jaitley had indicated that Mallya's extradition would feature in his talks during his visit to the UK.
Finally, Mallya himself set all speculations to rest when he tweeted about his release on bail. Reportedly, India had made it very clear to British High commission that they wanted Mallya if London wanted to continue good trading relations with India. In such cases, the accused person to be brought before the court for the primary hearing. Indian investigators said a year ago Mallya had ignored their summons to give evidence three times. The special court for Prevention of Money Laundering Act cases also issued a Non-Bailable warrant against Mallya.
He took 720 crore loan amount in IDBI bank for Kingfisher Airlines.
Recently Mallya created headlines after his Kingfisher Villa in Goa was sold to film production company Viiking Media & Entertainment, which is owned by actor-businessman Sachiin S Joshi after third attempt.