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  India   All India  22 Nov 2018  Vijay Mallya's posh London house to be seized by UBS bank: Court

Vijay Mallya's posh London house to be seized by UBS bank: Court

AGE CORRESPONDENT WITH AGENCY INPUTS
Published : Nov 22, 2018, 7:35 pm IST
Updated : Nov 22, 2018, 7:35 pm IST

UK HC said all of Mallya’s defence claims for repossession order were rejected and final hearing will take place in May.

Vijay Mallya is residing in the UK from the last two years. (Photo: File)
 Vijay Mallya is residing in the UK from the last two years. (Photo: File)

Mumbai: The High Court in London has ruled in favour of Swiss banking giant UBS to take possession of Vijay Mallya’s Central London house, reports news agency ANI.

The judicature has issued an order asking Mallya to pay a hefty amount of 88,000 pounds to UBS Investment Bank, which had issued 20.4 million pounds in the mortgage loan for Mallya's London property.

The Court said all of Mallya’s defence claims for repossession order were rejected and the final hearing will take place in May 2019.

The fugitive liquor baron had on Wednesday faced a setback in his battle to save his plush London house from foreclosure by Swiss bank UBS after court rejected many of the arguments relied on by his legal team.

The bank has sought repossession of the property at Cornwall Terrace, overlooking Regent's Park in central London, over the non-payment of a 20.4-million pounds mortgage loan.

The London property was referred to in the UK High Court as a "high class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests".

"UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further," UBS had said in a statement.

Mallya, who is on bail on an extradition warrant after his arrest in April 2017, is also facing trouble from New Delhi after the Indian government made an attempt to get him extradited from the UK on charges of money laundering to the tune of Rs 90 billion.

The tycoon is residing in the UK from the last two years. His extradiction case is reportedly in its final stage at London's Westminster Magistrates' Court which is likely to deliver its verdict by the end of this year.

Tags: uk high court, vijay mallya, swiss banking giant ubs, cornwall terrace
Location: India, Maharashtra, Mumbai (Bombay)