There is no evidence so far that the trouble with Kingfisher Airline, and the sale of United Spirits, has dampened Mallya's enthusiasm for motorsport. He is the chairman of the Federation of Motor Sports Clubs of India, which oversees motorsport in India.
"Vijay has always participated very actively in the principal decisions of FMSCI and continues to do so, and his airline business has in no way affected this. In fact, he has just confirmed his presence at our next annual general body meeting next month," says FMSCI President Vicky Chandhok. Sahara Force India, the Formula One team he owns 42.5 per cent, too is unlikely to be affected.
Another passion has been horse racing, with Mallya owning a stud farm at Kunigal in Karnataka. There has been some belt-tightening here but not at the behest of Mallya - the farm, says a source, has not imported any thoroughbred, the cost of which can run into crores, for the past couple of years, though it's otherwise business as usual.
The two principal derbies in the Indian racing calendar, held in Mumbai and Bangalore, are both sponsored by Mallya, with the prize money at this year's Mumbai derby going up to over Rs 2 crore.
At the Karnataka State Cricket Association, though, he's a largely absent member.
It will now be decided if Mallya is really the king of good times.