vijay mallya: Vijay Mallya to be evicted from London residence; Swiss financial institution UBS to take possession – Instances of India

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NEW DELHI: A UK courtroom on Tuesday ordered enforced possession of Vijay Mallya‘s multi-million-pound luxurious residence in London.
Because of this, Mallya and his household — son Sidhartha and mom Lalitha who reside there — can be evicted from the home.
Swiss financial institution UBS will now take possession of the posh townhouse, 18/19 Cornwall Terrace, which overlooks Regent’s Park in London.
In October final 12 months, the financial institution had obtained permission to situation a writ of permission in opposition to Mallya and his household. It additionally issued a petition in opposition to Rose Capital — a agency owned by a Mallya household Belief named Sileta Belief.
The British Virgin Island registered firm owns Mallya’s London residence and had mortgaged it to UBS as safety for 5-year mortgage of 20.four million kilos in 2012.
The mortgage expired on March 26, 2017, and the excellent steadiness on that date was not paid.
After being delayed a number of instances previously, UBS lastly acquired an consequence on the case.
Vijay Mallya has been declared a fugitive financial offender in India and is awaiting listening to on extradition to the nation.
He’s needed in India over fraud and cash laundering expenses in relation to loans taken by his now defunct airline Kingfisher from banks.





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