Vijay Mallya London House

Fugitive Indian businessman Vijay Mallya on Thursday faced a major setback in his battle to save his luxurious London house from foreclosure by Swiss bank UBS after the United Kingdom (UK) High Court rejected scores of the arguments presented by his legal team during the trial of the matter.

UBS Group AG is trying to foreclose on a 20.4 million-pound ($26.6 million) mortgage loan on former billionaire Vijay Mallya's London house, which overlooks the capital's Regent's Park.

Fugitive Indian businessman Vijay Mallya on Thursday faced a major setback in his battle to save his luxurious London house from foreclosure by Swiss bank UBS after the United Kingdom (UK) High Court rejected scores of the arguments presented by his legal team during the trial of the matter.

UBS Group AG is trying to foreclose on a 20.4 million-pound ($26.6 million) mortgage loan on former billionaire Vijay Mallya's London house, which overlooks the capital's Regent's Park.