Indian fugitive businessman Vijay Mallya is set to be evicted from his luxury Central-London home, after the UK High Court, on Tuesday, 18 January, ruled against the Kingfisher tycoon in a dispute with Swiss bank UBS.
Mallya held a mortgage, which was obtained from UBS, on the multi-million-pound property, located along Cornwall Terrace in the British capital.
On Tuesday, a judge in the chancery division of the High Court refused a request by Mallya's lawyers for a stay on the repayment of the UBS loan, after he had failed to meet a previous repayment deadline in April 2020, news agency ANI reported.
It is believed that Mallya, along with his son Siddharth and his mother Lalitha, has been living on the property.
While UBS was unable to evict the Mallyas earlier due to COVID regulations, Tuesday's ruling will allow the bank to repossess the property.
Further, it is believed that Mallya owns several other properties in the UK and elsewhere, including one in Hertfordshire, north of London, ANI reported.
It has been over five years since Mallya fled to the UK in 2016, after being accused of fraud relating to the collapse of Kingfisher Airlines, with Rs 9432 crore due to banks.
However, he has consistently denied the charges.
Though he was ordered to be extradited by the UK High Court after hearings lasting three years, Mallya is currently on bail, while his asylum application is being considered by the UK government.
(With inputs from ANI.)