Another blow to Vijay Mallya, order to vacate his luxurious house in London
Fugitive businessman Vijay Mallya’s troubles are not taking the name of lessening. Mallya has suffered a major setback in the London court and now Vijay Mallya will have to vacate his luxurious bungalow in London. UBS Bank has won the case against Mallya and the court has ordered handing over of the bungalow to the bank. According to the agency’s report, his son and his mother also live with Mallya in this luxurious bungalow.
Actually, businessman Vijay Mallya had mortgaged his bungalow with UBS Bank. But now the court has given the bank the right of this bungalow, after which the bank has got the ownership of this bungalow and now the bank can sell it. All this happened after a British court on Tuesday rejected an application seeking a stay on Vijay Mallya’s eviction order.
Mallya’s house was ordered to be vacated in a long-running legal dispute with Swiss bank UBS. Mallya had demanded a stay on this order. Judge Matthew Marsh of the Chancery Division of the London High Court, in his ruling, said there was no ground to grant additional time to the Mallya family to clear the dues. This means that Mallya can be evicted from this property.
According to reports, Mallya has to return a loan of 204 million pounds to the Swiss bank. His 95-year-old mother lives in this house of Mallya in London. Vijay Mallya lived in this luxurious house located in the Regent’s Park area of London. If Mallya does not leave the house immediately, he can be forcibly thrown out of the house by the security personnel.
Please tell that Vijay Mallya fled to Britain in March 2016. He is wanted in India in the case of loan misappropriation and money laundering to the tune of Rs 9,000 crore. This loan was given by many banks to Kingfisher Airlines. He is currently out on bail in the UK on an extradition warrant. Mallya and his now defunct company owe a share of Rs 6203 crore.
