In another setback for the fugitive tycoon Vijay Mallya, former king of good times now is facing the prospect of being evicted from his luxurious Central London home after a UK High Court ruled against him in a dispute with the Swiss bank UBS.
Mallya held a mortgage obtained from UBS worth 20 million-pound for this property, located along Cornwall Terrace in one of the most sought-after real estates in the British capital, minutes from Regent`s Park.
At present, Mallya lives in the property with his son Siddharth and his 95-year-old mother Lalitha.
A judge sitting in the chancery division of the High Court on Tuesday (January 18) refused a request by Mallya`s lawyers for a stay on repaying the UBS loan after Mallya failed to meet a previous repayment deadline in April 2020.
However, UBS were unable to evict the Mallya’s from the home due to COVID regulations but today’s ruling is like the last nail in the coffin as it paves the way for UBS to repossess the property.
Vijay Mallya who has been accused of Rs 9,000 crore fraud relating to the collapse of Kingfisher Airlines allegedly owns numerous properties in the UK and elsewhere, including a sprawling country home in Hertfordshire, north of London.
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