Nishka Srinivas Veluvali
Published On: January 18, 2022 at 11:15 IST
The UK Court on 18 January Ordered eviction of Vijay Mallya with his family from his plush house in London.
Mallay, his son Sidhartha and mother Lalitha will be evicted from the plush London house.
The Swiss Bank UBS will take the possession of the fugitive businessman’s Cornwall Terrace apartment facing the Regent’ Park in London.
High Court Judge Deputy Master Matthew Marsh virtually delivered the Judgement that, “There were no grounds for him to give further time to the Mallya family to refund 20.4 million pounds (almost Rs 185.4 crore) loan to the UBS.
The Judge rejected the permission to Appeal against his Order or to grant any Stay Order which implies that the UBS can take over the property to nullify the debt.
Rose Capital Ventures located in British Virgin Islands owned by Mallya Family Trust had mortgaged the property with the UBS Bank for 20.4 million pounds loan which expired in 2017. However, the outstanding dues were not cleared by the Trust by the stipulated date.
In the previous month, the Finance Minister had informed that the lenders had collected Rs 13,109.17 crore from the asset sale of fugitives like Vijay Mallya, Nirav Modi and Mehul Choksi, stressing on the point that the latest recovery was of Rs. 792 crores after the sale of the assets belonging to the Kingfisher Airlines and other on July 16, 2021.
The Mumbai Court in 2019 had declared Mallya as Fugitive Economic Offender and became the first businessman to be announced as FEO under the Fugitive Economic Offender Act.