Swiss bank UBS AG is seeking to evict indebted ex-Kingfisher tycoon Vijay Mallya , his mother and son from their swish multi-million-pound mansion overlooking Regent’s Park in London. The bank has applied for possession of the property in the UK High Court, the country’s third highest court, on grounds that the mortgage has expired and not been repaid.UBS’s claim against Rose Capital Ventures Ltd, Vijay Mallya, mother Lalitha Mallya and son Sidhartha Mallya, in the business and property court of the High Court, will be heard on October 24. Rose Capital Ventures Ltd took out a five-year interest only mortgage on the property with UBS in March 2012 for £20.4 million (Rs 195 crore).Mallya, his mother and son live here and are beneficiaries of the trust, UBS states. The shares in Rose Capital are owned by Gladco that is owned by the Sileta trust, a Mallya family trust, Mallya confirms in his defence. Despite the loan’s expiry and the claimant’s request that defendants vacate the property, the defendants have refused to move out, UBS states in its claim.The leasehold property — 18 and 19 Cornwall Terrace — was purchased by Rose Capital and incorporated in the British Virgin Islands on October 3, 2005, for £5.4 million (Rs 52 crore). Freehold rights to the property belong to the Crown Estate, namely the Queen, as per the title deeds.UBS also seeks Rose Capital pay the loan’s outstanding and wants the court to declare that the defendants are not entitled to enter or remain on the property. The amount owed as of September 1, 2017, is £20,718,236 (Rs 198 crore), the bank has alleged.The claim states that UBS terminated the loan early on June 9, 2016. Since the loan was not repaid, the bank appointed receivers who started proceedings against the four defendants and housekeeper for the property’s possession in November 2016. Following a June 2017 court order, the housekeeper vacated, UBS states.Since the mortgage expired on March 26, 2017, and the outstanding balance on that date of £20.4 million was still not paid, the proceedings by the receiver were stayed, and the bank decided to bring proceedings to take possession of the property and to sell it, UBS states. An attempt to refinance the loan with CBH Bank by Rose Capital collapsed and “as far as the claimant knows, there are no other potential refinancing options for Rose Capital,” the claim states.Barrister Jonathan Gavaghan, of Blake Morgan LLP representing the defendants, denies that UBS has the right to the property. They state Rose Capital had continued to make the interest payments as required and that UBS has not given any legitimate reason for calling in the debt early. They have called UBS’s claim a breach of mortgage terms.Gavaghan said Mallya had been “orally assured” by Gautam Kumar at UBS that the loan would be “rolled over on the expiry of the five-year term” and “extended to at least a 10-year period” and that Rose Capital took the loan basis this. He also said bringing this claim while the other claim was stayed was “abuse of process” and UBS had “delayed or obstructed” the refinancing for the property.The HC has subsequently issued an order stating that “Blake Morgan LLP has ceased to act as the solicitors for the defendants” and “the court record shall show that the defendants now act in person.” A five-day trial is scheduled for May 2019.