Supreme Court Of India sentenced Vijay Mallya on Monday to four months in jail

India's Supreme Court sentenced tycoon Vijay Mallya on Monday to four months in jail for refusing to disclose his assets

after defaulting on a loan of 90 billion rupees ($1.13 billion) since the collapse of his defunct Kingfisher Airlines.

The court found him guilty of contempt for not obeying its orders and imposed a fine of 2,000 rupees

Lawyers for the lenders have said Mallya transferred $40 million to members of his family even though the bank loan remains unpaid

The court has also set a four-week deadline for Mallya and his family to deposit $40 million, along with the accrued interest, or face further legal action

Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing and has previously said the case against him is politically motivated