The British court gave a big blow to industrialist Vijay Mallya, who fled the country with a huge amount. Now he has to leave his home in London. After the order of the court, Mallya will have to vacate the luxurious house along with the whole family. The house will be occupied by the Swiss bank.
A British court on Tuesday rejected Mallya's plea to stay his eviction order from his luxurious residence in London. In a long-running legal dispute with Swiss bank UBS, Mallya's house was ordered to be vacated. Mallya had sought a stay on the compliance of this order. Last week, the Deputy Master of the London High Court had reserved judgment on staying the order to forcibly seize Mallya's multi-million-pound luxury home.
According to the report, Vijay Mallya lives there with his son Siddharth and mother Lalita. Now they will be evicted from the luxury property. Swiss bank UBS will reportedly take over the 64-year-old troubled businessman's flagship property Cornwall Terrace Apartments in Regent's Park in London.
Justice 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. Mallya has to return the loan of 204 million pounds to this Swiss bank.