A bankers' consortium, led by the State Bank of India, took possession of former liquor baron Vijay Mallya's Kingfisher Villa in Goa on Friday, reported ANI. On May 11, revenue officials had given the lenders permission to take over the Rs 90-crore bunglow in Candolim, reported The Indian Express.
The bank officials were supported by local police when taking possession of the house as they said that it was being guarded by several guards, some of them armed, reported The Financial Express. The consortium had sought the physical possession of the plush house under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act in late 2014. Though United Spirits Limited, Kingfisher Airlines and United Breweries had objected to the demand initially, they withdrew their claim later, paving way for the banks to take charge of the property.
Mallya owes Rs 9,000 crore to 17 banks in India and left the country on March 2 after stepping down as head of United Spirits. He has said he has no plans to return and claims he is on a "forced exile".