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

Asian News International January 19, 2022 17:21:39 IST
Vijay Mallya faces eviction from luxury home in London due to verdict in loan default case

File image of Vijay Mallya. PTI

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.

Read all the Latest News, Trending NewsCricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Updated Date:

also read

SC lawyer Dushyant Dave says delayed action by govt banks allowed Vijay Mallya to flee; SBI denies charges
India

SC lawyer Dushyant Dave says delayed action by govt banks allowed Vijay Mallya to flee; SBI denies charges

Merely four days before Mallya fled the country, the State Bank of India was advised by lawyer Dushyant Dave to move court to prevent Mallya from fleeing.

UK court resumes trail to prove fraud case against Vijay Mallya, decide liquor baron's extradition to India
World

UK court resumes trail to prove fraud case against Vijay Mallya, decide liquor baron's extradition to India

The trial to prove a prima facie case of fraud against fugitive liquor baron Vijay Mallya resumed in London on Monday to determine if he can be extradited to India

Vijay Mallya controversy: Rahul Gandhi says CBI downgraded lookout notice 'with approval' from Narendra Modi
Politics

Vijay Mallya controversy: Rahul Gandhi says CBI downgraded lookout notice 'with approval' from Narendra Modi

In the latest development in the Vijay Mallya controversy, Rahul took to Twitter on Friday to allege that the Central Bureau of Investigation (CBI) handling Mallya's case changed the conditions of investigation with the "approval of Prime Minister"