In a setback to Indian business tycoon, Vijay Mallya, a court in the UK has ordered to pay £88000 to Swiss lender, UBS Investment Bank which had issued £20.4 million in the mortgage loan to Mallya’s London house.
According to a report by Times Now, the court has ruled to pay the sum by January 4, 2019.
The lender earlier in its petition before UK high court sought the possession of Mallya’s London house on the grounds that the mortgage hasn’t repaid by the borrower. The immovable property faces London’s Regent’s Park, was being used by Mallya as his family home.
The former boss of grounded Kingfisher Airline, who is on bail on an extradition warrant after his arrest in April 2017 is in a long battle against the attempts of the Indian government to get him extradited from the UK on charges of fraud and money laundering amounting Rs 90 billion.
Former liquor baron is staying in the UK since March 2016. His extradition case is in its final stage at Westminster Magistrates’ Court in London is expected to deliver its a ruling later this year.
The legal proceedings in the extradition from the UK involves a number of steps including a judgment by the judge on whether or not to issue a warrant of arrest.