Liquor baron Vijay Mallya will be extradited from the United Kingdom to India, the London Westminster Magistrates Court has ruled on December 10.
Mallya is wanted in India for defaulting on loans worth Rs 9,000 crore of his failed Kingfisher Airlines.
The matter of Mallya's extradition will be referred to UK's Secretary of State.
The Central Bureau of Investigation (CBI) has welcomed the court's ruling.
Mallya's extradition would be a major boost to the Modi government as it faces general elections next year.
Mallya's extradition comes just a week after AgustaWestland middleman Christian Michel was extradited by UAE.
When asked if the recent extradition of AgustaWestland middleman Christian Michel had him worried, Mallya said that his and Michel's case were different and he had not known about Michel's extradition at the time of making a settlement offer.
The 62-year-old former Kingfisher Airlines boss has been on bail since his arrest on an extradition warrant in April 2017.
Earlier in the day, Mallya sought to disprove the narrative that he has "stolen" money and said his offer to repay the principal amount to the Indian banks was "not bogus".
Mallya made the remarks while talking to reporters outside the Westminster Magistrates' Court.
The 62-year-old former Kingfisher Airlines boss was on bail since his arrest on an extradition warrant in April 2017.
"My settlement offer is made before the Karnataka High Court. It is not related to this extradition trial. Nobody disrespects a court of law by making a bogus offer. The assets have been attached by the ED so they cannot be bogus assets," he said, asserting that his offer to repay the principal amount was not bogus.
The embattled liquor tycoon said that the value of his assets is more than enough to pay everybody and that is exactly what he was focusing on.
"I want to disprove the narrative that I have stolen (money)," he said.
He said his legal team will review the judgment and take proper steps thereafter.
Mallya had argued saying that Indian jails do not have proper ventilation and light. In response, India had submitted a video of Arthur Road Jail's Barrack 12, where he would to be lodged, as sought by the court.