Goa Collector resumes hearing bankers' plea on seizing Kingfisher villa

The North Goa administration has resumed hearing on an application filed by a consortium of banks seeking to seize Kingfisher villa, believed to be owned by beleaguered liquor baron Vijay Mallya, situated at Candolim village.

PTI| Last Updated: Apr 07, 2016, 21:21 PM IST

Panaji: The North Goa administration has resumed hearing on an application filed by a consortium of banks seeking to seize Kingfisher villa, believed to be owned by beleaguered liquor baron Vijay Mallya, situated at Candolim village.

"I started hearing the application (last week) and an interim order has been issued," district collector Neela Mohanan said today without elaborating, as the case is "sub-judice".

The Goa bench of the Bombay High Court had extended the time till May 2016 for the district administration to decide on the application after the bankers approached it against the delay in hearing.

The administration had earlier informed HC that "it could not complete the process in December 2015 due to several adjournments sought by the defence counsels".

Kingfisher Villa, named after UB Group's popular beer brand, is part of the collateral pledged by United Breweries (Holdings) Ltd., to banks.

During the loan recovery process in November 2015, State Bank of India, along with 16 other banks, had approached the district collector seeking possession of the luxury villa.

In the meantime, Mallya had moved a caveat application requesting the district authority to inform his company about any such development.

Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, had on March 30 expressed willingness for a settlement by offering a proposal to pay back Rs 4,000 crore by September this year, which was rejected by banks.