Sell Mallya’s six cars to repay loans, says UK Court

Vijay Mallya, FEO, Fugitive, PMLA, News Mobile, News Mobile India
Insolvent Vijay Mallya supported by partner, children: London HC

A London court has asked fugitive liquor baron Vijay Mallya to sell six cars to repay the loan of Rs 10,000 crore. Vijay Mallya owes this amount to a consortium of Indian banks.

The cars to be sold include the four that have personalised number plates using his initials VJM, one being a Porsche with the James Bond-esque number plate ‘OO07 VJM’, the Times of India reported.

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The order issued by Justice Cockerill of the London Court, on October 11, stated that the high court enforcement officers are ‘at liberty to sell’ his 2016 Mini Countryman, his 2012 Maybach 62 registration number ‘VJM1’, his 2006 Ferrari F430 with registration ‘BO55 VJM’, his 2014 Range Rover registration ‘F1 VJM’, a Ferrari F512M and a Porsche Cayenne with the number plate OO07 VJM, evoking James Bond, the newspaper reported.

Cockerill said the cars must be sold for no less than £404,000.

Earlier, Mallya lost a case in the court against the registration of the Bengaluru Debt Recovery Tribunal (DRT) judgment in UK courts. The DRT ruled that Mallya owes the consortium Rs 6,203 crore plus interest. The London court has given permission to the enforcement officers to search Mallya’s houses in London and take control of some of the belongings.

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Last month, Mallya’s two personal helicopters were bought by Delhi-based Choudhary Aviation Facilities in an e-auction conducted by the Debt Recovery Tribunal (DRT-II) here. “Our company bought the two personal copters of Mallya for Rs 87.5 million at the price of Rs 43.7 million each in the electronic bidding conducted by the DRT in Bengaluru,” Choudhary Aviation Director, Satyendra Sehrawat told IANS from Delhi on phone.

The Tribunal held the e-auction on behalf of a consortium of 17 banks which filed the case in 2013 against Mallya and his defunct Kingfisher Airlines Ltd for defaulting on loans borrowed from 2007-2012.

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