(Image source from: Hindustantimes.com)
London Home: Vijay Mallya's Setback In Legal Battle:- Liquor baron Vijay Mallya has been absconding from the country and is residing in London from the past three years. He faced a setback in the legal battle to save his posh London home by Swiss Bank UBS as the UK High Court rejected the arguments made by his legal team. The bank wanted repossession of the posh property located at Cornwall Terracce after Vijay Mallya failed to pay 20.4 million pounds mortgage loan. The trial in the case has been set for May 2019.
The UK High Court's decision was found completely in favour of the bank and not for Vijay Mallya. “UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further", the Swiss bank said in a statement. The loan has been acquired by Rose Capital Ventures owned by Vijay Mallya and his family. Mallya's lawyers argued that the bank called in the loan before the agreed period while the bank called it as a right as Mallya failed to make the payment.