Vijay Mallya faces eviction from luxury home in London due to verdict in loan default case
Mallya held a mortgage obtained from UBS on the multi-million-pound property, located along Cornwall Terrace in one of the most sought after areas of the British capital, minutes from Regent's Park and attractions such as Madame Tussaud's wax museum
London: The fugitive Kingfisher tycoon Vijay Mallya is facing the prospect of a humiliating eviction from the luxury Central London home he currently occupies after the UK High Court ruled against him in a dispute with the Swiss bank UBS.
Mallya held a mortgage obtained from UBS on the multi-million-pound property, located along Cornwall Terrace in one of the most sought after areas of the British capital, minutes from Regent's Park and attractions such as Madame Tussaud's wax museum.
It's believed that Mallya has lived in the property along with his son Siddharth and his 95-year-old mother Lalitha.
A judge sitting in the chancery division of the High Court on Tuesday refused a request by Mallya's lawyers for a stay on repaying the UBS loan after Mallya had failed to meet a previous repayment deadline in April 2020.
UBS however, were unable to evict the Mallyas due to COVID regulations. Today's ruling paves the way for UBS to repossess the property.
It's believed that Mallya and his family own numerous other properties in the UK and elsewhere, including a sprawling country home in Hertfordshire, north of London.
Mallya has been living in London since fleeing to the UK after being accused of a Rs 9,000 crore fraud relating to the collapse of Kingfisher Airlines.
He has consistently denied the charges.
He was ordered to be extradited by the UK High Court after hearings lasting three years. He remains on bail while the UK government considers what's thought to be an asylum application.
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