Mallya gets one more year to pay up for his London home

Embattled liquor tycoon Vijay Mallya has settled a legal dispute with Swiss bank UBS to allow him time until April next year to pay off a mortgage loan for his central London home. The bank had sought possession of the 63-year-old businessman's plush Cornwall Terrace apartment over the non-payment of a 20.4-million pounds loan and a trial in the case was due last week. However, according to a court consent order issued by Judge Simon Barker of the Chancery Division of the UK High Court on Monday, the trial has been vacated and the proceedings adjourned following a settlement.