Vijay Mallya faced a setback in his battle to save his posh London home from foreclosure by Swiss bank UBS after the UK High Court rejected many of the arguments relied on by his legal team.
The bank has sought repossession of the property at Cornwall Terrace, overlooking Regent’s Park in central London, over the non-payment of a 20.4-million pounds mortgage loan.
The property was referred to in the UK High Court as a “high class home for Vijay Mallya and his family members and United Breweries Group corporate guests”.
While a trial in the case has been set for May next year, the High Court ruled on the UBS’ application to strike out parts of the defence and found substantially in favour of the bank.
The case relates to a mortgage taken out by Rose Capital Ventures, one of Mallya’s companies, with the 62-year-old businessman, his mother Lalitha and son Sidhartha, listed as having the right of occupancy on the property.
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