Corporate

UK court allows Indian banks to sell 6 posh cars belonging to Vijay Mallya

A UK High Enforcement Officer is set to sell a fleet of Vijay Mallya’s cars in the UK as part of efforts to recover loan repayment dues owed by the beleaguered liquor baron to a consortium of 13 Indian banks, the banks’ legal representative confirmed on Friday. TLT LLP, the law firm which had won a landmark case in May when a UK High Court judge ruled in favour of the Indian banks and concluded they were entitled to recover funds amounting to nearly 1.145 billion pounds 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 cars listed in the order include a range of luxury vehicles, some with personalised registration numbers a 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). 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, said Paul Gair, partner at law firm TLT, who is leading the case on behalf of the Indian banks. In an enforcement order dated October 11, Justice Sara Cockerill had granted an order for a High Court Enforcement Officer to sell the six cars by private treaty at a price not less than 404,000 pounds plus VAT. A further cost of making the application, assessed at 1906.10 pounds, was also added to the overall debt amount. The latest enforcement order follows a previous order by Justice Bryan on June 26, granting permission to the UK High Court Enforcement Officer to enter Mallya’s properties in Hertfordshire, near London. It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.

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