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London HC orders sale of Vijay Mallay’s 46-metre luxury yacht Force India and everything inside it

London high court has ordered that Vijay Mallay’s 46-metre luxury yacht Force India and everything inside it be sold and the proceeds be distributed amongst its creditors.
His son Sidhartha Mallya, who is the ‘ultimate owner’ of the yacht, has been ordered to pay Qatar National Bank more than €6 million (Rs 47 crore) in full repayment of a real estate mortgage. QNB is enforcing the mortgage after Mallya defaulted on repayments on a separate loan to purchase a private estate in the French Riviera. The yacht had been given as security for part of the loan. The vessel is currently arrested in Southampton.
The admiralty court, during a trial on January 15, heard that whilst the legal owner of the super yacht is Force India Ltd, a company incorporated in Malta, the shares in the company are held by Continental Administration Services Ltd, a company of professional trustees, on trust for Sidhartha.

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