Vijay Mallya

London

England

refinancing

Mumbai Mirror

Madame Tussauds

will be able to keep hisfamily home after the high court ofand Wales gave the green signal forthe property, ensuring he pays over Rs 200 crore to Swiss bank UBS.had reported on May 15, 2019, how Mallya had time till 30 April 2020 to pay the mortgage to UBS under a consent term approved by the high court. Just over a month before the 30 April deadline, Justice Nigel Teare on Friday set aside stout objection by Indian banks, and approved of the refinancing by a company registered in Bahamas. The massive townhouse overlooking Regent’s Park and situated next tohas more than a dozen bedrooms and is occupied by Mallya and his family members – partner Pinky, son Sidhartha and mother. The property registered in the name of Rose Capital Ventures (which is owned by a Mallya family trust) was the subject of a legal battle with UBS seeking its possession over non-payment of a £20.4 million mortgage given in March 2012.On Friday afternoon, Justice Teare heard the application by Rose Capital Ventures for permission to allow the refinancing in order to repay the debt to “prevent UBS from taking over the property”.