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Home News Reports Swiss Bank moves court to evict Vijay Mallya from mortgaged London home: Reports

Swiss Bank moves court to evict Vijay Mallya from mortgaged London home: Reports

Swiss Bank UBS has moved the UK High Court seeking an order of eviction against fugitive Businessman Vijay Mallya, his mother and son from their swish multi-million-pound mansion overlooking Regent’s Park in London, as reported by Times of India.

In 2012, Rose Capital Ventures Ltd had taken out a five-year interest only mortgage with UBS for £20.4 million (Rs 195 crore). The bank has applied for possession of the property on the ground that the mortgage has expired and has not been repaid. According to UBS, despite the loan’s expiry and the claimant’s request that defendants vacate the property, the defendants have refused to move out.

Mallya in his defence has confirmed that the shares of Rose Capital Ventures Ltd are owned by Gladco which is owned by Sileta Trust, a Mallya family Trust. Mallya, his mother and his son live in the mansion and are beneficiaries of the Trust, UBS states.

UBS seeks that the Rose Capital pay the loan’s outstanding amount and wants the court to declare that the defendants are not entitled to enter or remain on the property. The amount owed as of September 1, 2017, is £20,718,236 (Rs 198 crores) as informed by the Bank.

As per the claim of UBS, the loan was terminated early on June 9, 2016. The bank had appointed receivers who started proceedings against the four defendants and the housekeeper for the possession of the property in Nov 2016. The housekeeper vacated the house on a June 2017 court order. Since the mortgage expired on March 26, 2017, and the outstanding balance of £20.4 million on that date was still not paid, the proceedings of the receiver were stopped and the bank decided to bring the proceedings to take possession of the property and sell it.

As reported by Times of India, the bank also claimed that an attempt to refinance the loan with CBH Bank by Rose Capital also collapsed and there are no other other refinancing options for the Rose Capital.

UBS’s claim against Rose Capital Ventures Ltd, Vijay Mallya, mother Lalitha Mallya and son Sidhartha Mallya, in the business and property court of the High Court will be heard on Oct 24.

A few days ago, a London Court had ordered the confiscation of the six highly expensive cars of Mallya to repay Indian Consortium of Banks Rs 10,000 crore.

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