March 21, 2023

mallya: UK judge reserves judgment on whether Vijay Mallya is to be evicted from posh London home – Times of India

LONDON: High court judge deputy master Marsh has reserved judgment on whether to stay an order for enforced possession of Vijay Mallya’s multi-million-pound luxury townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
Swiss bank UBS AG had obtained permission to issue a writ of permission against Mallya, his son Sidhartha and mother Lalitha, who live there, as well as British Virgin Islands-registered company Rose Capital Ventures Ltd, in October 2021 from deputy master Bowles at the London high court.
The bank wants to evict the Mallya family and sell the house after Rose Capital, which owns the property, mortgaged the property to UBS as security for a five-year loan of £20.4 million (Rs 200 crore) in 2012. The loan expired on March 26, 2017, and the outstanding balance on that date was not paid.
Rose Capital is owned by the Sileta Trust, a Mallya family trust. On Monday Rose Capital sought to get a stay saying it needed more time to realise assets to pay the lender back. UBS said it was opposed to the stay and wanted to go ahead with possession proceedings as the matter had already been delayed multiple times since 2017.

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