London: In a major development, the UBS bank won the right to repossess and sell fugitive businessman Vijay Mallya’s luxury home in London where he stays with his son & 95-year-old mother.
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.
The 18/19 Cornwall Terrace luxury apartment overlooking Regent’s Park in London, described in court as an “extraordinarily valuable property worth many tens of millions of pounds”, is currently being occupied by Vijay Mallya’s 95-year-old mother Lalitha. It’s believed that Mallya and his family own numerous other properties in the UK and elsewhere, including the sprawling country home in Hertfordshire, north of London.
Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a GBP 20.4-million loan to UBS the claimant in the case. “The claimant’s position was a reasonable one further time is not likely to make any material difference,” Deputy Master Marsh ruled.
The judge also declined permission to appeal against his order or to grant a temporary stay of enforcement, which means UBS can proceed with the possession process to realise its unpaid dues. “I will refuse permission to appeal and therefore it follows that I will not be granting a stay,” said Marsh.
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.
