The court order issued this week goes in favour of the bank’s stand as it acknowledges that UBS has an “immediate right to possession" and stipulates that unless the mortgage has been redeemed by April 30 next year, Mallya and the co-defendants must immediately hand over possession of the apartment by 4.00 pm on that date. They are not permitted to make any further applications to "postpone or suspend the date for giving up possession".
Additionally, Mallya must also pay up interest of 820,333.64 pounds accrued until April 2019 and then any further amount accrued until May 1 next year. He is also liable to pay legal costs of 1,047,081.18 pounds and receivers’ costs of 223,863.82 pounds.
The court order also forbids any further claims arising out of the bankruptcy proceedings currently instituted in the UK against Mallya by a consortium of Indian banks led by State Bank of India (SBI).
Meanwhile, Mallya remains on bail as he appeals against his extradition order to India, a hearing for which is scheduled in the UK High Court on July 2. The former Kingfisher Airlines boss is wanted in India to face charges of fraud and money laundering amounting to ₹9,000 crores.