A UK court has refused to release funds held by it as part of bankruptcy proceedings against disgraced liquor tycoon Vijay Mallya. The former Kingfisher Airlines chief had sought approval to use 2.8 million pounds of the estimated 2.9 million pounds held by the court under the UK's Insolvency Act 1986. Mallya’s counsel argued that he needed urgent access to funds to avert a “high risk” of him losing his legal representation. The counsel for the Indian banks contested the plea on the grounds of the risk of dissipation of assets held towards the debt owed to the banks.