Court approves refinancing loan application of Vijay Mallya to pay the mortgage to UBS.

As England’s high court and Wales provided the free pass to refinance the loan, Vijay Mallya would be able to retain his London family house, ensuring he pays over Rs 200 crore to Swiss bank UBS. On May 15, 2019, it had announced how Mallya had time until April 30, 2020, to pay the mortgage to UBS under a high court-approved consent term.

On May 15, 2019, it had reported how Mallya had time to pay the mortgage to UBS until April 30, 2020, under a consent term approved by the high court.

Just over a month before the 30 April deadline, on Friday, Justice Nigel Teare set aside Indian banks’ strong objection and allowed a company listed in the Bahamas to refinance it.

The huge townhouse overlooking Regent’s Park situated next to Madame Tussauds has more than a dozen bedrooms

and is inhabited by Mallya and his family members, that includes his wife Pinky, son Sidhartha and his mother.

The property held in the account of Rose Capital Ventures (owned by a Mallya family trust) was the subject of a court dispute with UBS demanding custody of a £20.4 million mortgage outstanding given in March 2012 against the non-payment. Justice Teare heard an appeal by Rose Capital Ventures on Friday afternoon to approve the refinancing for debt to be repaid to “prevent UBS from taking over the land”.