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Swiss Bank Moves Supreme Court To Evict Vijay Mallya From Mortgaged Home.

Courtesy/By: Shubham Mathur | 22 Oct 2018

Swiss bank has applied for the possession of Vijay Mallya’s property in Regent’s Park London at united Kingdom High Court, on the ground that mortgage of the mansion has been expired and has not been paid off.

USB claim against Vijay Mallya, his mother Lalittha mallya and son Sidhartha Mallya and the matter will be heard in high court of UK on 24^th October 2018.

USB claim against Rose Capital Venture ltd which is owned by Mallya trust, took a loan of 5 year interest on the property with USB in march 2012 for approx 195 crore. Mallya his mother and son reside and are beneficiaries of the trust.

As mortgage expired on March 24, 2017 and the outstanding balance on that date of 20.4 million pound was not paid, the ban decided to take the possession of the property and to sell the property.

Barrister Gavaghan of Blake Morgan representing the defendant also stated that Mallya had been orally assured by gautam Kumar at USB that the loan would be rolled over on the expiry of five year term and extended up to 10 year period and USB does not have right to property.

High court of United Kingdom has issued an order stating that Blake Morgan LLP has ceased to act as the solicitor for the defendants and the court record shall show that the defendants now act in person.

Courtesy/By: Shubham Mathur | 22 Oct 2018