I believe India doesn't have bankruptcy laws which may have given an escape route for Mallya. So he will still have to deal with the debts of KFA regardless of the outcome.
I think it highly likely that UB Group will now be subject to a 'fire-sale' and as such will generate significantly less than it true value.
As far as I recall he never 'owned' any A380's, so doesn't have them sell. He may have possibly 'owned' the delivery positions for them, but in the present circumstances don't think they would be worth much, if anything!