Vijay Mallya May Lose Plush London Home Over Unpaid Loans: UK Court
NDTV
The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha.
Fugitive liquor baron Vijay Mallya today lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS.
The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha.
Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there are no grounds for him to grant further time for the Mallya family to repay a 20.4-million-pound loan to UBS - the claimant in the case.
"The claimant's position was a reasonable one... further time is not likely to make any material difference," Deputy Master Marsh ruled.
