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VIJAY MALLYA GETS A YEAR TO SAVE HIS LONDON HOUSE Court gives him time till April 30, 2020 to pay Rs 200 crore

May 15, 2019 06:02 AM

COURTESY MIRROR MAY 15

VIJAY MALLYA GETS A YEAR TO SAVE HIS LONDON HOUSE
Court gives him time till April 30, 2020 to pay Rs 200 crore
| Danish Khan@timesgroup.com

IN LONDON

Vijay Mallya has managed to get a one-year reprieve in his legal battle with Swiss bank UBS over his London house overlooking Regent’s Park. The businessman now has till April 30, 2020 to pay the mortgage and other expenses, amounting to over Rs 200 crore, failing which the bank will take possession of the house, under the consent terms approved by the high court in London.


UBS had approached the high court in March/April 2018 seeking possession of the property over non-payment of £20.4 million (around Rs 180 crore) mortgage given in March 2012. The mortgage was taken by Rose Capital Ventures, which is owned by a Mallya family trust. During the court proceedings, Mallya’s lawyers had claimed that the bank had called the mortgage early, while he was given the impression that the tenure would be extended. UBS refuted this claim and maintained that the five-year loan expired in March 2017.

In November 2018, Mirror had reported how Mallya was directed to pay £88,000 in interim legal costs after the court had set aside most of the grounds put forward by his legal team saying those were “bound to fail”. However, the consent terms do not specify any immediate payment, which provides Mallya some respite as he is embroiled in several other expensive and more crucial legal battles. His oral appeal in the high court against his extradition is expected to come up in July 2019. Twelve Indian banks led by State Bank of India (SBI) have launched proceedings against Mallya in UK relating to loan defaults. Qatar National Bank and Diageo are also pursuing separate cases against Mallya in court.

“If redemption has not taken place by April 30, 2020, the Claimant (UBS) shall be immediately entitled to possession,” states the consent order dated May 13, 2019, a copy of which is with Mirror. It also says, “The Defendants acknowledging and agreeing that the Claimant’s agreement to permit the Defendants to remain in occupation of the Property until April 30, 2020 is intended to provide the Defendants with a final opportunity to redeem the loan.”

The consent term has also factored in the bankruptcy proceedings against Mallya and the obvious financial strain on him. The bank has thus agreed that it will not seek to claim possession of the house before April 30, 2020 irrespective of the outcome in the bankruptcy proceedings, or due to non-payment of mortgage interest. In effect, this means that Mallya, his mother and son Sidhartha can continue to live at the prime property

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