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UK: Vijay Mallya Can Be Evicted From London Home Over Unpaid Loan

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For businessman Vijay Mallya, even in London, the difficulties are not taking the name of stopping. Due to not being able to repay the loan of crores of pounds taken from a Swiss bank, the bank is now preparing to evict him from his luxurious house in London. To avoid this, Mallya had also applied to the British court, but on Tuesday, January 18, the court rejected Mallya’s petition.

What did the British court say?

According to information received by India Today, Judge Matthew Marsh of the Chancery Division of the London High Court, in his decision, said that the Mallya family would not be given additional time to pay the dues.

This means that either Vijay Mallya should pay for this property. Otherwise, Mallya can be evicted from this property. Mallya has to return a loan of 204 million pounds, i.e. more than 200 crores, to this Swiss bank UBS. At present, his 95-year-old mother, Lalita Mallya, also lives in this house of Mallya in London.

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Judge Matthew Marsh, hearing the case, said while attending the verdict,

“Mallya’s Cornwall Terrace Apartment in London is worth millions of pounds. We cannot give Mallya any more time to repay the loan. This court refuses to grant a stay to Mallya and also refuses to allow an appeal against this decision”.

After this court decision, all avenues have been opened for UBS Bank to take action. In this case, Mallya’s lawyer Daniel Margolin says that due to this court’s decision, the elderly mother of his client, Vijay Mallya, may have to suffer a lot because she is currently living in that house.

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A concession has already been given.

Mallya had raised this loan from UBS Bank in the name of his Rose Capital Ventures. Due to not repaying the loan on time, the bank ordered Mallya’s house vacated to refund the loan amount. After which, Vijay Mallya moved the court. It required some time to repay the loan. In this case, in May 2019, Judge Simon Barker gave the Mallya family time till April 30 2020, to repay the loan of Swiss bank UBS.

After this, Mallya also got the extra time due to the Kovid epidemic, but Mallya did not repay the loan. After which, UBS Bank ordered them to vacate his London house in October last year. Mallya’s son Siddharth and mother Lalita own this luxurious house in London.

Luxurious Cornwall Apartments Opposite Regent's Park, London
Luxurious Cornwall Apartments Opposite Regent’s Park, London.

Mallya fled India to the UK in March 2016. He is wanted in India in the case of misappropriation of Rs 9 thousand crores loans. Many banks gave this loan to Kingfisher Airlines. Vijay Mallya, 65, is currently out on bail in the UK. It is understood that he may remain on bail till the resolution of confidential legal proceedings on the issue of asylum in the country in a separate case related to the extradition process.

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Ashish Kumar Mishra
Ashish Kumar Mishrahttps://www.spotnews18.com/
Ashish Kumar Mishra is the Founder and CEO at Spot News 18. He created Spot News 18 on 30 June 2019. His intention to make these News Websites was only to provide correct and official news to his readers. Now, he is working on Spot News 18 to expand his website reach to all parts of the world.

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