New Delhi, November 22: In a major setback for Vijay Mallya, a UK court on Thursday allowed Swiss banking giant UBS to seize his plush central London house, reported news agency ANI. The UBS sought possession of Vijay Mallya's property at Cornwall Terrace in central London over the non-payment of a 20.4-million pounds mortgage loan. The UK high court also issued an order asking Mallya to pay a hefty amount of £88,000 to UBS Investment Bank.

In the UK high court, the property was listed as a "high-class home for Dr Vijay Mallya and his family members and United Breweries Group corporate guests". After a two-day hearing last month, Judge Chief Master Marsh had refused to give another chance to Mallya to present an amended defence. "They have had an ample opportunity to explain their case in answers to UBS' request for information. The case they put forward is not curable by simple amendments," Judge Marsh had said.

On Wednesday, the high court rejected many of the arguments relied on by Mallya's legal team. "UBS is pleased with the decision. Given that proceedings are ongoing, it would be inappropriate to comment further," UBS said in a statement. The case relates to a mortgage taken out by Rose Capital Ventures, one of Mallya's companies, with the 62-year-old businessman, his mother Lalitha and son Sidhartha, listed as having the right of occupancy on the property.

Meanwhile, Mallya remains on bail on an extradition warrant executed by Scotland Yard last year on fraud and money laundering charges brought by the Indian government, amounting to nearly Rs 9,000 crore. A ruling in his extradition case is expected at Westminster Magistrates' Court in London next month. (With agency inputs)

(The above story first appeared on LatestLY on Nov 22, 2018 07:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).