Vijay Mallya to vacate his plush London home over unpaid loans: UK Court

On Tuesday, January 18, 222, Britain court has ordered the beleaguered businessman named Vijay Mallya and his family to leave the plush London home.

A huge businessman Mallya along with his wife Lalitha and son Sidharth, will get evicted from their luxurious home.

The entire possessions of the 65-year old embattled businessman, which includes his prime property Cornwall Terrace apartment, situated near the Regent Park in London, will be seized by the Swiss Bank UBS.

While emphasising that there were no points and enough evidence which could force us to give further time to the Mallya family to refund the unpaid loan  amounting to 20.4 million pounds ( about Rs 185.4 crore) of the UBS Swiss Bank, high court judge Deputy Master Matthew Marsh delivered his judgement on a virtual court in this long-running dispute.

Moreover, the High Court of the UK has rejected to grant permission to Mallya for appeal in another court against his order or also repealed the idea of temporary stay of enforcement. The verdict further permitted UBS to go for the possession of the business to realise its debt.

The Court further highlighted that the position of the Swiss Bank was a realistic one, by giving more time to the businessman and his family would not make any material difference.

Based in the British Virgin Islands, Rose Capital Ventures-owned by a Mallya family, has been mortgaged in 2012 as a security for taking a loan of 24.5 million pounds from the UBS swiss bankSwiss2017, the date for the repayment of the loan was expired. The family hadn’t paid the outstanding due on the specified date.

Now, the USB Swiss bank will seize its possessions in the wake of repayment of the loan he had taken from the bank in 2012. Earlier, the High Court of Britain has informed that Vijay Mallya was bankrupt.