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Lenders begin the process to take over Kingfisher Villa

Speaking to The Indian Express, an official at SBI’s zonal branch in Panaji (St. Inez) said that he was unaware of the developments and suggested that the action was probably taken by authorities from SBI’s local headquarters.

Written by Harsha Raj Gatty | Candolim | Updated: May 14, 2016 1:45 am
Vijay Mallya, India law enforcement agency, vijay mallya case, mallya money laundering, Kingfisher Airlines, money laundering probe, IDBI loan fraud case, vijay mallya news, India news Along with the bank officials, police and authorities from DC office are believed to have accompanied the consortium. (Source: PTI)

The SBICAP Company Limited on Friday put up a possession notice on the Kingfisher Villa at Candolim, two days after North Goa District Collector Neela Mohanan allowed a consortium of banks led by State Bank of India to take over the Rs 90-crore villa spread on approximately 3 acres of sea-facing property as a part of the loan recovery process.

The notice read: “This property is in possession of SBICAP Trustee Company Ltd under Section 13 (4) of the Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, as per the order passed by District Magistrate, North Goa.”

Speaking to The Indian Express, an official at SBI’s zonal branch in Panaji (St. Inez) said that he was unaware of the developments and suggested that the action was probably taken by authorities from SBI’s local headquarters.

Along with the bank officials, police and authorities from DC office are believed to have accompanied the consortium.

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Earlier, speaking to The Indian Express, Atmaram Nadkarni, who was earlier representing United Spirits Limited (USL) said that United Beverages Holding Limited (UBHL) — the actual owner of the property — had rented it out to United Spirits Limited (USL).

“By the virtue of being the chairman of USL, Vijay Mallya was staying in the villa, he was completely justified in using it. But it’s completely misconstrued that Mallya owned it,” Nadkarni said. Nadkarni said he was no longer associated with the case and that he withdrew from it last month.

It is also learnt that USL’s contention on the property against the claims of the consortium has been withdrawn at Mapusa court. However, Mumbai-based advocate Rashmikant confirmed that he was the new legal representative of USL in the disputed property case, but could not explain if the company will challenge the North Goa DC’s order.

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