Vijay Mallya has been crying himself hoarse over not getting the same assistance from PSU banks as Jet Airways’ Naresh Goel, but it emerges now that he has enough funds parked in Swiss banks to pay 20 million pounds to save his swanky Cromwell Terrace home in London.
Mallya had accordingly offered to pay UBS bank “from his funds in Switzerland,” the high court in London said. His London property, which overlooks the city’s Regent Park, was used to secure a mortgage loan in March 2012.
UBS claims that the five-year mortgage term came to an end in 2017 and the bank has called in the loan, an amount that is close to a staggering £20.4 million.
Mallya, however, insists that an oral agreement was reached to extend the term to another five years. UBS has now initiated proceedings against Rose Capital Ventures, the owner of the property under land registry records, Vijay Mallya (62), his son Siddharth (31) and his mother Lalitha (92).
with inputs from news agencies.