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Controversial businessman Vijay Mallya lost a legal battle on Tuesday to keep his plush London home after a British court denied him a stay of execution in a long-running dispute with Swiss bank UBS.
The 18/19 Cornwall Terrace luxury apartment overlooking Regent’s Park in London, described by the court as an “extremely valuable asset worth many tens of millions of pounds”, is currently occupied by Mallya’s 95-year-old mother Lalitha.
Deputy Head Matthew Marsh, who delivered his verdict virtually before the Chancery Division of the High Court, concluded that there were no grounds for him to give the Mallya family more time to repay a GBP 20.4 million loan to UBS, the plaintiff in the case, to repay. (PTI input)
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