Vijay Mallya, the controversial tycoon, resigned from India's parliament on Monday, a day before the legislature planned to expel him for failing to repay an estimated $1.4 billion in debts following the 2012 collapse of his Kingfisher Airlines.
In his resignation letter, Mr Mallya declared that the allegations aired by the upper house of parliament's ethics committee last week were "blatantly false and baseless".
But Mr Mallya said that he had little hope of a fair hearing in parliament given the frenzy in India over the airline's unpaid debts and so had decided to step down.
"I do not want my name and reputation to be further dragged in the mud," he wrote. "Since recent events suggest I will not get a fair trial or justice, I am hereby resigning . . . with immediate effect."