Indian business tycoon
Vijay Mallya has been given a year to pay a £20.4m mortgage for his luxury London apartment before
it is repossessed.
Lenders UBS had applied for possession of the property in Cornwall Terrace overlooking Regent’s Park. However, an agreement in the Chancery Division of the High Court means that Mallya and his family can stay in the property until April 2020 in order to give him time to redeem the loan. Mallya’s legal term had argued that UBS had prematurely called in the loan, but the case established that they have a right to repossess it.
In a separate matter Mallya
is on bail until July pending an appeal
against an extradition request by India where is he is wanted to face
charges of fraud and money laundering.
It is difficult to imagine
that an average person facing repossession of an average three bed semi in
Slough or Sheffield would manage to secure a
year to pay off their debts. Then again, if you have an upscale mortgage on an
upscale property maybe different circumstances apply.