Kochi: Kingfisher King Vijay Mallya may lose his luxury home in Britain. The action is being taken because the loan taken from the Swiss bank has not been repaid. Vijay Mallya’s retaliation after a British court refused to allow him to stay in a case that has been pending with UBS Bank for years. With this, Mallya will no longer be able to stay in a luxury residence in London. Vijay Mallya’s luxurious house faces Regent’s Park in London. This is a luxury bungalow worth billions of pounds. The bungalow is owned by Mallya’s 95 – year – old mother Lalitha. Mallya owes എ 20.4 million to UBS. The court observed that there was no point in giving more time to the Mallya family for this. The bank will proceed with the foreclosure proceedings of the house to recover the arrears. Also Read: Vijay Mallya was given till April 2020 to repay the loan and stay at home in London. The legal proceedings were later hampered by Kovid. In October last year, the bank approached the court again. Vijay Mallya may no longer be able to file an appeal in the matter. Vijay Mallya’s assets in India have been seized by banks, including SBI, which has defaulted on loans of Rs 10,000 crore. Kingfisher House in Mumbai sold out in October last year. The property, valued at Rs 150 crore, was sold for Rs 58 crore. It was once the headquarters of Kingfisher Airlines. The sale of the building was mediated by the Debt Recovery Tribunal.
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