In a major setback to fugitive industrialist and liquor baron Vijay Mallya, the High Court in London on Thursday ruled in favour of Swiss banking giant UBS to take possession of his Central London house, news agency ANI reported.
The judicature had issued an order asking Mallya to pay a hefty amount of £88,000 to UBS Investment Bank, which had issued £20.4 million in the mortgage loan for his London property.
The property was referred to in the UK High Court as a "high-class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests".
While a trial in the case has been set for May next year, the High Court on Wednesday ruled on the UBS' application to strike out parts of the defence and found substantially in favour of the bank.
"UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further," UBS had said in a statement.