Vijay Mallya's Goa villa, vendue kingfisher House

Author yuvamind

Mumbai:Banks are benefit to take possession of Vijay Mallya’s bungalow like a palace in Goa by the last month. After hearing, the district commissioner fixed for July 11, after which bankers are expected to take possession of the property set up near Calangute beach  in Candolim village. A senior banker said, "There are a lot of pressure from the government and also the Reserve Bank of India(RBI) to ring-fence the high-value defaulters. So naturally, the judiciary will also have to act within fixed time frames so that cases do not get extended for long and bankers get back their dues. For economic progress and for banks to play an important part in the process, bank ' s money should be assure and not stealing out by defaults and dupery." Another senior bank officer who is directly investing the case said, "We are expecting to clear the litigation by the end of this month, and proceed with the possession. The Goa beach of the Bombay High Court had given lenders the agree to take possession of Kingfisher Villa last year. But Mallya employed delaying maneuver by claiming that his group company United Spirits Ltd was as a rent in the property since 2005. But the documents like the electricity bill and the water bills are not stamped." The banker added that the consortium has sought permission from the chief judicial magistrate of Goa to take possession of the villa under the Sarfaesi Act. "We are expecting a favourable decision from the court." The district magistrate had admitted the plea of USL against State Bank of India(SBI) and other lenders but bankers say that the petition is likely to be disposed of, and bankers are likely to get their dues. Citing the Portuguese Civil Code, United Spirit Limited has taken the matter to a local court, requesting it to block the vendue of the property by banks. Meanwhile, bankers will early vendue the Kingfisher House at Jogeshwari after having reached at an agreement with the income-tax department who had laid claims to the proceeds. A senior bank official said, "We will be proceeding with the vendue of the Kingfisher House and some of the IT claims also will be settled."
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