New Delhi: In what may bring some relief to the banking sector, which has left no stone unturned to recover their dues from beleaguered liquor baron Vijay Mallya, six expensive cars owned by the former Kingfisher boss will be put on the block by a UK High Enforcement Officer.
‘Cars expected to be sold shortly’
A UK High Court judge ruled in favour of the Indian banks and entitled them to recover funds amounting to nearly 1.145 billion pounds (Rs 9,000 crores). TLT LLP, the law firm which won this landmark case, said the sale of six cars owned by the 62-year-old former Kingfisher Airline boss and related concerns will take place following a UK High Court enforcement order last week. The list of the cars includes a range of luxury vehicles, some with personalised registration numbers — 2016 Mini Countryman (AD16 1YX); a 2012 Maybach 62 (VJM1); a 2006 Ferrari F430 Spider (B055 VJM); a 2014 Range Rover Autobiography Supercharged (F1 VJM); a Ferrari F512M (M811 VGR); and a Porsche Cayenne (OO07 VJM). Paul Gair, a partner at law firm TLT, who is leading the case on behalf of Indian banks, said, “We can confirm that the High Court Enforcement Officer has acted on the banks’ instructions in seizing and selling these cars. The cars are expected to be sold shortly.”
Two major judgements changed the outlook of Mallya’s debt case
Justice Sara Cockerill had granted an enforcement order to sell the six cars “by private treaty at a price not less than 404,000 pounds, plus VAT.” An amount of 1906.10 pounds was also added to the overall debt as the cost of making the application. On June 26, Justice Bryan granted an order to the UK High Court Enforcement Officer to enter Mallya’s properties in Hertfordshire, near London. It permitted the officer and his agents' entry into Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. This order was followed by the latest enforcement order. However, the UK court order is not a binding directive and may be used by Indian banks to recover their funds.
The litigation in the Queen’s Bench Division of the commercial court in England’s High Court of Justice has been filed by a consortium of 13 Indian banks that includes the State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd as the applicants. Mallya and related concerns Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings.
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