Vijay Mallya, Mom Lalitha To Be Evicted From London House

19 Jan, 2022 11:54 IST|Sakshi Post

King of Good Times and United Breweries owner Vijay Mallya might have to vacate his  plush18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS.

The luxury property where Mallya's 95-year-old mother Lalitha currently stays was described in court as an extraordinarily valuable property worth many tens of millions of pounds.

The Chancery Division of the High Court, Deputy Master Matthew Marsh stated that there were no grounds for him to grant further time for the Mallya family to repay a GBP 20.4-million loan to UBS who is the claimant in the case. The judge also declined Vijay Mallya the 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.

A mortgage was taken out by Rose Capital Ventures, one of Mallya's companies, where the Kingfisher Airlines boss, his mother Lalitha, and son Sidhartha Mallya were listed as co-defendants.

In May 2019, a UK Court had handed down a consent order allowing the family to retain possession with a final deadline of April 30, 2020, for repayment of the loan. He failed to meet the deadline and UBS was legally unable to pursue enforcement until April 2021 due to the COVID-19 pandemic where he was given more time.

Under the May 2019 order, UBS had been granted an “immediate right to possession” and Mallya and the co-defendants were not permitted to make any further applications to “postpone or suspend the date for giving up possession”.

The court order also forbade any further claims arising out of the bankruptcy proceedings against Mallya by a consortium of Indian banks led by State Bank of India (SBI), proceedings which concluded in a bankruptcy order in July last year.

It is known that Mallya is wanted in India and facing charges of fraud and money laundering amounting to an alleged Rs 9,000 crores related to loans made to his now-defunct Kingfisher Airlines.

The former United Breweries chief who is currently on bail is reportedly seeking asylum in the UK. Meanwhile, a plea of banks led by SBI  filed a contempt plea with regard to the extradition proceedings against Vijay Mallya. (Source: NDTV)

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