End to Mallya's 'good times' at Candolim

Photo Credits: House of Good Times now in SBI custody

MAPUSA

A State Bank of India subsidiary took over Vijay Mallya’s Kingfisher Villa located at Candolim on Friday, even as United Spirits Limited and United Breweries made a last ditch attempt to stall the attachment process.

The villa valued at Rs 90 crore used to be Mallya’s base in Goa and also the venue of many of the famous parties hosted by him.

Officials of SBICAP Trustee Company Ltd (SBICTCL) in the presence of Bardez Mamlatdar Madhu Narvekar attached and sealed the main Kingfisher Villa building and other structures in the property under police protection.

SBICAPS officials started the process to take possession of the villa at about 2.30 pm and it continued for over three hours. The officials drew up an inventory of the property and other assets, including vehicles.

All the staff inside the Kingfisher Villa were evacuated and SBICAPS security was deployed around the property. Incidentally, the Indian flag is seen flying high in the property.

“We began the sealing process of Kingfisher Villa in the presence of R L N Rao, SBICAP’s legal head,” Mamlatdar Madhu Narvekar told The Goan.

SBICAPS officials informed that United Spirits Limited (USL) and United Breweries (UB) made a last ditch attempt to stall the attachment process on Friday morning.

“Some attempts were made on Friday morning to stay the proceedings at the collector and the mamlatdar level by USL and UB, but they failed in their attempt,” said Vikash Kumar, advocate representing SBICAPS.

“The property will be auctioned only after completing the valuation of the entire property,” he added.

It may be recalled that on Wednesday, North Goa Collector and district magistrate, Nila Mohanan had passed an order allowing banks to take physical possession of Kingfisher Villa.

She had made Bardez Mamlatdar the authority for facilitating the attachment of the villa, within seven days of issuance of the order.

SBICAPS, representing the bankers' consortium, had sought physical possession of the property under Section 14 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

However, three of Mallya's companies — United Spirits Limited (USL), Kingfisher Airlines and United Breweries — had objected to the move.

In her order, the collector allowed SBICAPS to take over the entire property along with the structure, Kingfisher Villa surveyed under Survey no 110/1, 110/2 and 112/19, having an aggregate area of 12,350 sq mts situated under House No 194-E in Candolim, together with all buildings and structures thereon and furniture and fixtures and plant and machinery.