Liquor baron Vijay Mallya’s Indian assets on Thursday were seized by the State Bank of India and it recovered Rs 963 crore by auctioning his property.
“Recovered Rs 963 crore from auction of Vijay Mallya’s Indian assets,” SBI MD Arijit Basu said.
Meanwhile, on Wednesday, an order was enforced by a UK judge that Vijay Mallya’s home can be searched and his assets can be seized as a means of recovering money that he owes to the Indian banks.
“We are very happy with the court order and with this kind of order we should be able to go after this assets,” he told reporters.
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The order gave 13 banks the legal options to enter Mallya’s properties in Hertfordshire which is near London, “A UK enforcement officer may use reasonable force to enter the property if necessary,” it says. The banks have the option to use the order to recover estimated funds of around Rs. 9,000 crore.
“The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya),” notes the June 26 order by Justice Byran.
In May, the UK court refused to scrap order freezing Mallya’s assets, it marked the first recorded case of a judgment of the Debt Recovery Tribunal (DRT) in India being registered by the British High Court, which set a legal precedent. Mallya also made an application to the court of seeking permission to appeal against the order.
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The fugitive tycoon flew to the UK in 2016, when the Indian banks enforced efforts to recover the dues from him.