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Recovery Process Starts Against Vijay Mallya

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The loan recovery process agains the kingfisher takes it final shape as the SBICAP Company Limited put up a possession notice on the Kingfisher Villa at Candolim,on Friday. This was just after two days after when the North Goa District Collector Mr Neela Mohanan granted the permision to the consortium of banks to take over the mansion that is valued at Rs 90-crore, a villa spread on approximately 3 acres of sea-facing property. During this process of recovery the police officials and the authorities from DC office accompanies the bank official of the consotium.

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.”

Though as on date there is not much details for the vijay mallaya property autction details of the confiscated property, in a measure of loan recovery process againts Mr Vijaya Mallaya.

While the representative of United Spirits Ltd claim that United Beverages Holding Limited is the sole owner of the property and was rented to United Spirits Limited and Mr Vijay Mallya being the chairman of United Spirits Ltd was staying in the property and not the owner of the property.

It is also learnt that USL’s contention on the property against the claims of the consortium has been withdrawn at Mapusa court.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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