In a huge setback to fugitive businessman Vijay Mallya, the UK court on Tuesday allowed the eviction of the troubled businessman along with his entire family from his London home, PTI reported.
As per reports, Swiss bank UBS will reportedly take possession of the 65-year-old embattled businessman's prime property Cornwall Terrace apartment, which overlooks Regent's Park in London.
Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a GBP 20.4-million loan to UBS.
Deputy Master Marsh ruled that the claimant's position was a reasonable one and noted that further time is not likely to make any material difference.
Dismissing the first defendant's (Vijay Mallya) application," the judge observed that he could not see any basis for the suggestion that has been made that the claimant has misled the first defendant.
The judge also declined permission to appeal against his order or to grant a temporary stay of enforcement.
This signifies that UBS can proceed with the possession process to realise its unpaid dues.
Mallya's barrister, Daniel Margolin QC, indicated that the 65-year-old businessman plans to pursue an appeal before a High Court Chancery Division Judge as it has "serious consequences" for his clients, including Mallya's elderly mother who currently resides at the address.
Meanwhile, Fenner Moeran QC made it clear that UBS intends to proceed with the enforcement order without delay.
Based in the British Virgin Islands, Rose Capital Ventures-owned by a Mallya family trust in 2012 had mortgaged the London property to UBS as security for a five-year loan of 20.4 million pounds. In 2017, the loan expired and the outstanding dues on that date were not paid.
Meanwhile, Mallya is wanted in India to face charges of fraud and money laundering amounting to an alleged Rs 9,000 crores related to loans made to his now-defunct Kingfisher Airlines.
In 2019, a Mumbai court declared Mallya a fugitive economic offender (FEO), and he became the first businessmen to be declared an FEO under the Fugitive Economic Offenders Act.