Liquor King Vijay Mallya, a businessman who once stood out in the news as the King of Good Times, is now on the brink of losing everything despite all he has lost over the years. He was convicted in the case of evading loans to banks and soon after the conviction he fled to the safe shelter of the United Kingdom.
Mallya’s ongoing extradition case is in the London High Court over the recovery of billions in payments to Swiss-based UBS. The case is being re-assigned to another judge, and a new court will hear the case. UBS Bank has ruled in favor of Cornwall Terrace Luxury Apartment in Regent Park, London. Moreover, Vijay Mallya has been warned that the house should not be vacated voluntarily but should be vacated in the presence of cops or government officials. Now, Mallya is inevitably has been forced to vacate the house where he has been living for years, following the London High Court ruling.
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Vijay Mallya made a cosmic effort to secure the London home. There have already been several hearings on the case. However, in the latest judgment, the judge ruled in reference to all of these. ‘Vijayamalya has already been given many opportunities to settle his debts. He has been given ample time. However, he has failed to pay his debts. No judge will judge differently than himself after examining the precedents of this case. Therefore, the judge also rejected the appeal stated that it was useless to appeal again.
Mallya along with his son Siddharth Mallya (34) are staying in the luxury London apartment. Mallya’s lawyer appealed to the court that his client’s (Mallya’s) mother is 95 years old and evacuating her in such circumstances would cause a lot of pressure on her but the court did not agree to it and stated if not evacuated willingly they would have to do it.
Vijay Mallya fled to Britain, defrauding Indian banks of crores of rupees.
All the lending banks have formed a consortium and are fighting for justice under the leadership of SBI. Several assets belonging to Mallya have already come up for sale. Most of these are farmhouses and luxury yachts that Mallya does not use much. But Switzerland pulled out of the house where Vijaymalya lived as part of a bank loan recovery.
Vijay Mallya spent time in luxury yachts on the beaches with beautiful models fetching expensive, antique items at the auction, buying Formula One, IPL teams. Vijay Mallya bought two houses in those days belonging to the family of his Formula One team Ace driver Louis Hamilton. They are located in Tewin, Hertfordshire, England. Currently, Vijay Mallya is likely to shift his residence here.
There have been instances where he has sold his assets just to pay lawyers ’fees. Vijay Mallya’s inability to defend his London home was a major blow. It has become questionable how far his fight will continue in the courts before he will be extradited to India.
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