Vijay Mallya loses battle for his London HomeTop Stories

January 19, 2022 10:56
Vijay Mallya loses battle for his London Home

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Indian absconding businessman and defaulter Vijay Mallya has been residing in the United Kingdom and is facing a tough time before his extradition to the country. The latest update says that Vijay Mallya and his family are set to get evicted from his posh London home that is worth millions of pounds. Swiss Bank UBS won the case in the court on Tuesday. Vijay Mallya lives in 18-19 Cornwall Terrace which overlooks the Regent Park. The court said that if the family fails to leave immediately, they will be made evicted by the bailiffs. The bank will not delay any enforcement proceedings and the house is worth tens of millions of pounds as per the market value. London High Court's Deputy Master Marsh dismissed the application for th stay. The permission for the appeal too is refused.

Vijay Mallya also bought one more house from Anthony, the father of Formula One driver Lewis Hamilton which is close to Rs 100 crores worth. Vijay Mallya was declined permission by the judge to appeal against the order and there would be no temporary stay of enforcement. Vijay Mallya lost the long-running battle with the Swiss Bank UBS. Vijay Mallya is residing with his mother Lalitha and his son Siddharth Mallya in this London residence. The judge concluded that there is no ground for Vijay Mallya to grant further time to repay the 20.4 million GBP loan to the UBS.

Mallya’s barrister, Daniel Margolin QC told the court that Mallya has plans to pursue an appeal before the High Court. On the other side, UBS decided to proceed with the enforcement order without any delay. Rose Capital Ventures, one of the firms of Vijay Mallya has mortgaged the property with his mother Lalitha and son Siddharth Mallya as co-defendants. Vijay Mallya called it 'unreasonable obstacles' when the bank sought a court order for enforcement. Vijay Mallya is on bail and the officials of the Enforcement Directorate and CBI based in India are in the process of extradition of Mallya.

By Siva Kumar

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