Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. Swiss bank UBS will reportedly take possession of the 64-year-old embattled businessman’s prime property Cornwall Terrace apartment, which overlooks Regent’s Park in London.
Under the May 2019 order, UBS had been granted an immediate right to possession and Mallya and the co-defendants were not permitted to make any further applications to postpone or suspend the date for giving up possession. The court order also forbade any further claims arising out of the bankruptcy proceedings against Mallya by a consortium of Indian banks led by State Bank of India (SBI), proceedings which concluded in a bankruptcy order in July last year.
The Swiss bank’s position was a realistic one, more time is not likely to make any material difference, according to news agency PTI which cited the judge’s ruling.