Vijay Mallya House: This was the house of Vijay Mallya, from where he used to come to the Westminster Magistrate’s Court to attend the extradition trial. From here the luxurious restaurants and posh clubs of Central London were also nearby. On Tuesday, Swiss bank UBS has received possession order for 18-19 Cornwall Terrace, raising eviction possibilities for Mallya and his family members.
can there be a middle way
But the way Mallya remains in the UK despite losing the extradition case, can a middle ground be found? Vijay Mallya says the bank has more cash than the mortgage; UBS would need a Bahamian court order to use it. A worldwide freezing order, financial woes and a hunt for Indian banks have added to their woes, whose interest of £204 million taken into security in 2012 is yet to be repaid.
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Appeal against the decision will have to be taken for permission
Now the case of the former billionaire of India being ousted from his London property by a Swiss bank hinges on a trust based legal principles in the Bahamas. But before that, Mallya needs to seek permission to appeal the verdict against him. If this happens, the next step would be to cash in or seal a deal with UBS.
Mallya may offer settlement again
However, the possibility of Mallya offering a solution or settlement cannot be ruled out. In May, 2019, a few weeks before the trial began, Mallya had persuaded UBS to reach an agreement, setting the deadline of April 30, 2020, to pay the mortgage. Then in March 2020, despite protests from Indian banks, they were allowed to enter into a loan and mortgage agreement with a registered entity in the Bahamas to repay UBS money.
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Last hearing on January 10
Despite successful refinancing, UBS is yet to receive the money, forcing it to approach the court again for possession of the property. The last hearing before the judgment came on January 10, 2022, in which Daniel Margolin, representing Mallya, told the court of his plans to sell the property for £43 million. “This will pay UBS in full,” Margolin said.
There is a toilet seat made of gold in the house
UBS’s lawyer Morain said it was not a concrete offer and pointed out that it was coming from an “unknown buyer”, indicating that the offer could be from someone associated with Mallya. After a long hearing, Mallya is now on the verge of being evicted from this luxurious house.
The special thing is that before becoming habitable in 2012, it had four years of repair and renovation work. Highlights include a toilet seat made of gold, which was noticed by former Financial Times journalist James Crabtree when he visited Mallya.
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