Liquor baron Vijay Mallya, whose passport has been revoked by the government, on Monday resigned from the Rajya Sabha.
Mallya, an Independent member from Karnataka, sent his resignation to Rajya Sabha Chairman M. Hamid Ansari, a source close to the chairman said.
He also sent a letter to Rajya Sabha Ethics Committee chairman Karan Singh.
The resignation comes a week after the Ethics Committee of the Rajya Sabha unanimously recommended Mallya's expulsion from the upper house, and a day before the committee was to meet to seal his fate with a final approval.
The panel gave him a week's time, that was to end Tuesday, to put in his papers.
Mallya in his letter has claimed innocence, the sources added.
Mallya, wanted for defaulting in repayment of bank loans to the tune of Rs.9,000 crore, offered to pay part of the debt to the consortium of banks led by the State Bank of India, which had advanced l.oans to his now defunct Kingfisher Airlines Ltd.
According to parliament sources, during his tenure of almost 10 years as member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as "nil".
The union government too had revoked Mallya's passport after he failed to turn up for a probe into the bank default. This set in motion the process for the billionaire's possible deportation from Britain, where he is staying at present.
Mallya's case was referred to the ethics panel by the Rajya Sabha Chairman, after he fled from the country.
The liquor baron, known for his flamboyant lifestyle, was serving his second term at the upper house and was to retire on June 30.