Vijay Mallya’s eviction from his Central London Mansion imminent | Swiss Bank UBS AG reports
Swiss bank UBS AG has applied for custody of the property in the United Kingdom High Court since the mortgage has expired and there an outstanding of £20.4 million.
The bank is seeking to evict indebted ex-Kingfisher tycoon Vijay Mallya, his mother and son from their posh multi-million-pound mansion overseeing Regent’s Park in London.
Vijay Mallya’s eviction from his Central London Mansion imminent
UBS’s claim is against Rose Capital Ventures Ltd, Vijay Mallya, mother Lalitha Mallya and son Sidhartha Mallya, and is scheduled to be heard on October 24 2018. Rose Capital Ventures Ltd executed out a 5-year interest only hypothecation on the property with UBS in March 2012 for £20.4 million (equivalent to Rs 195 crore).
Mallya, his mother and son reside over here and are beneficiaries of the trust, UBS states. The shares in Rose Capital are owned Mallya family trusts,
The leasehold property in question — 18 and 19 Cornwall Terrace — was purchased by Rose Capital with registered address in the British Virgin Islands on October 3, 2005, for £5.4 million (Rs 52 crore).
UBS also pursues Rose Capital to repay the loan’s outstanding and requests the court to announce that the defendants are not entitled to enter or continue to live on the property. The outstanding owed to the bank is £20,718,236 (Rs 198 crore), the bank has stated.
Vijay Mallya’s eviction from his Central London Mansion imminent
Barrister Jonathan Gavaghan, of Blake Morgan LLP on behalf of the Mallyas, denies that UBS has the right to the asset in question. They reiterate that Rose Capital had continued to make the interest payments as required and that UBS has not given any valid reason for calling in the liability early. They have named UBS’s prerogative a breach of hypothecation terms.
Interestingly, Gautam Kumar at UBS had orally assured Mallya that the loan would be extended to at least a 10-year period and that Rose Capital availed the loan only on that pretext.
Subsequently the High Court had issued an order stating that “Blake Morgan would not be acting as the solicitors for the defendants going forward” and “the court record shall reflect that the defendants now act in person unless another consul is appointed.” A 5-day trial is scheduled for May 2019.
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Sources The Economic Times, The Times of India, ABP News on Youtube
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