Team Herald
PANJIM: SBICAP has begun the process to take possession of liquor baron Vijay Mallya’s Kingfisher Villa at Candolim. North Goa Collector Neela Mohanan in an order on May 11 allowed the application by SBICAP to take over the Rs 90 crore worth villa.
As such, SBICAP Trustee Company Limited on Friday, with police protection, installed a notice in front of the villa located in Candolim. Bardez Mamlatdar Madhu Narvekar has been nominated as the authority to facilitate the attachment of the villa, within seven days of passing the order.
“The property is in possession of SBICAP company limited under section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as per order passed by the District Magistrate, North Goa,” says the notice put up outside the villa. “The trespassers are liable to be prosecuted under Section 29 of the said Act,” it added.
The District Administration officials also visited the villa Friday afternoon along with SBICAP officials.
Speaking to media persons, Mohanan said the Bardez mamlatdar has been asked to make necessary arrangements, including arranging the required police force, so as to allow SBICAP to attach the villa, in the next week.
SBICAP had sought physical possession of the property under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act in late 2014. However, three of Mallya’s companies — United Spirits Limited (USL), Kingfisher Airlines and United Breweries — had objected to the move.
SBICAP approached the High Court of Bombay at Goa, who directed the district administration to dispose the matter by May 31.
