Lenders take over Vijay Mallya's Kingfisher Villa

May 14, 2016, 09:04 IST | Joseph Zuzarte

Representatives of bankers' consortium took possession of beleaguered businessman Vijay Mallya's Kingfisher Villa in Goa yesterday

Goa: Friday, the 13th proved unlucky for liquor baron Vijay Mallya as his beachside retreat, the Kingfisher Villa in Candolim, Goa, was taken over yesterday afternoon by officials of SBICAP Trustee Company Ltd, the representatives of the bankers' consortium who are lenders to Kingfisher Airlines.

Mallya's villa that was taken over by SBICAP yesterday
Mallya's villa that was taken over by SBICAP yesterday

This probably marks the end of a fabled era of lavish parties which the villa had become famous for. The last party Mallya had hosted there was a two-day bash to bring in his 60th birthday in December, when famous singers like Enrique Iglesias and Sonu Nigam had performed. The attachment of the sprawling property was imminent after North Goa collector Neela Mohanan passed an order on May 11 directing the Bardez taluka mamlatdar to take physical possession of the property, and hand it over to SBICAP representatives.

Bardez mamlatdar Madhu Narvekar arrived at the villa at around 2.30 pm yesterday with a group of officials from SBICAP, besides private security officials and a police team. "As per the order issued by the North Goa collector, I have handed over possession of this property to SBICAP," Narvekar said after the process was completed.

Staffers exiting the villa with their belongings. Pics/Joseph Zuzarte
Staffers exiting the villa with their belongings. Pics/Joseph Zuzarte

When the officials got there, the security guards of the property stalled them and meanwhile allegedly tried to drive away some of the expensive vintage and sports cars through a side gate but one of the caretakers said all the vintage cars had already been taken out on Thursday. Later, the security guards were brushed aside and sealing procedure began.

Also, the old security guards were replaced with new SBI appointed ones. "There were some high-end cars inside which they have moved out. The inventory is being taken. We cannot attach cars belonging to others so we are verifying if they belong to the defaulter," R Rao of SBICAP said.

SBICAP had hired Mumbai-based ARCK Consultants, who handle "stressed assets management" for the job. The detailed inventory was completed by around 5 pm but the officials declined to reveal all the details.

The villa staffers, who were present inside, were allowed to leave with their belongings only they could prove it was theirs. But those outside the premises, during the sealing process, were not allowed to enter and take their things.

Rs 90 crore
Value of the Kingfisher Villa

About the property

The villa, which is located in the busy Candolim-Calangute tourism hub, is built like a Chinese mansion with pavilions and gardens. After you get past the gate, there is the main ground-plus-one entrance building with a garage of fast sports cars on one side. Moving further, there are huge pavilions, residential bungalows, a sprawling lawn with a swimming pool. The gardens and lawns lead to the beachfront where there are some luxurious shack-style pavilions on the beach for Mallya to relax with his guests.

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