The main gate to the property, which is valued at around Rs 90 crore, has been sealed, said banking sources.
Kingfisher Villa at Candolim in north Goa, where the liquor baron Vijay Mallya celebrated his 60th birthday in December last year in style, was on Friday taken over by the bankers' consortium, represented by SBI Caps.
The main gate to the property, which is valued at around Rs 90 crore, has been sealed, said banking sources.
This follows an order passed on Wednesday by North Goa collector and district magistrate Nila Mohanan, allowing banks to take physical possession of the villa.
Sources said the SBI Caps officials drew up an inventory of the property and other assets, including vehicles and electronic items, after taking over the property.
Advocate Parag Rao, who appeared on behalf of United Spirits, said the company had withdrawn its claim before the collector the previous day. USL had earlier approached a local court, citing provisions in the Portuguese Civil Code to block auction of the property.
Representing the bankers' consortium, SBI Caps had sought physical possession of the property under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act in late 2014.
However, three of Mallya's companies – United Spirits Limited (USL), Kingfisher Airlines and United Breweries – had objected to the move.
The villa was mortgaged to the lenders while obtaining loans for the now defunct airliner, Kingfisher, which was grounded in early 2012.
Mallya recently told the Supreme Court that he was ready to repay up to Rs 6,800 crore of the total dues of over Rs 9,400 crore, but banks have rejected the offer.
Last month, the consortium of banks had failed in its attempt to sell Kingfisher Airline's erstwhile headquarters Kingfisher House in Mumbai, which they had taken over, because of the high reserve price of Rs 150 crore. Their attempts to sell the Kingfisher brands and associated trademarks carrying a reserve price of Rs 367 crore had also found no takers.
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