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Vijay Mallya faces eviction from luxury home in London

19/01/2022 at 3:33 PM

London, Jan 19: Kingfisher tycoon Vijay Mallya will be facing eviction from the luxury Central London home after the UK High Court ruled against him in a dispute with the Swiss bank UBS.

Mallya had mortgaged the multi-million-pound property, located along Cornwall Terrace in one of the most sought-after areas of the British capital against a loan that he took from UBS and was unable to repay it.

The London High Court on Tuesday refused a request by Mallya’s lawyers for a stay on repaying the UBS loan after Mallya had failed to meet a previous repayment deadline in April 2020.

UBS were unable to evict the Mallyas then due to COVID-19 regulations. However, today’s ruling paves the way for UBS to repossess the property.

Mallya 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. However, he has consistently denied the charges.

He was ordered to be extradited by the UK High Court after the hearings lasted three years but he remains on bail while the UK government considers what’s thought to be an asylum application.

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