Vijay Mallya’s cars in the United Kingdom are set to be sold as part of efforts to recover loan dues owed by the liquor baron to a consortium of 13 Indian banks, the lenders’ legal representative said on Friday, according to PTI.
The banks are seeking to recover over Rs 10,000 crore from the fugitive liquor baron.
Last week, the Commercial Court, Queen’s Bench division, passed an order enabling the high court enforcement officer to sell six cars, including a Range Rover, two Ferraris, a Porsche Cayenne, a Mini Countryman and a Maybach 62, for at least £4,04,000 (Rs 3.88 crore) plus tax, reported The Hindu BusinessLine. Some of the cars have personalised number plates with his initials ‘VJM’.
“We can confirm that the High Court Enforcement Officer has acted on the banks’ instructions in seizing and selling these cars,” said Paul Gair, partner at the law firm TLT that has been handling the case. “The cars are expected to be sold shortly. This is one part of the banks’ ongoing enforcement of their judgment against Mallya.”
Mallya previously lost a case in the same court against the registration of a Bengaluru Debt Recovery Tribunal ruling in UK courts, reported News 18. The Debt Recovery Tribunal said Mallya owed the banking consortium Rs 6,203 crore plus interest.
The latest order comes after an order in June allowed a consortium of 13 Indian banks to undertake searches and seizure of goods at Mallya’s houses in London. Earlier in October, a Delhi court ordered that Mallya’s properties in Bengaluru be attached.
Mallya, who is in London and is facing an extradition trial for allegedly duping banks of more than Rs 9,000 crore, was declared a proclaimed offender by the court on January 4 for evading its summons.
In April 2017, the court had issued an open-ended non-bailable warrant against Mallya. An open-ended non-bailable warrant has no time limit.