MUMBAI/GOA: Liquor baron Vijay Mallya’s sprawling villa in Goa is once again caught in a tug-of-war between creditors and his now-defunct Kingfisher Airlines .

On Friday, SBICAP Trustee Company announced that it took possession of the sprawling three-acre Kingfisher Villa at Condolim, Goa on October 30. The notice came after Kingfisher Airlines failed to pay Rs 6,027 crore to the firm. The guarantors to the loan are United Breweries (Holdings) and Mallya himself.

Immediately, Mallya’s legal team moved the senior civil judge ‘A’ court, Mapusa, on Friday. The court ordered the creditors to maintain status quo and restrained them from “dispossessing” or “interfering” with the property.

Prakash Mirpuri, GM, corporate communications, UB Group, said, “The court injunction restrains banks from taking any action against KF Villa, Goa. This injunction was initially granted on April 26, 2013, and confirmed/continued by the court at subsequent hearings, including on Friday.” SBICAP is a wholly-owned subsidiary of SBI Capital Markets. Its notice on Friday said the Division ‘A’ court at Mapusa had permitted the “secured creditors to take action in accordance with the law” since the borrower/guarantors failed to repay the amount.

“The public is hereby cautioned not to deal with the property and any dealings with it will be subject to the charge of the SBICAP Trustee Company for an amount of Rs 6,027.42 crore and interest thereon,” it said.

In Goa on Friday, news spread that creditors from Mumbai and Bangalore had sealed the villa. But employees at the beachside villa denied this. According to sources, the villa is currently undergoing extensive maintenance and refurbishment work at a cost of over Rs 5 crore. The entire air-conditioning system, furniture and some of the flooring in parts of the property have been replaced, it is learnt.

Vijay Mallya’s son Siddharth is said to be a frequent visitor to the villa, as are many other celebrity friends of the king of good times who is known to be a lavish host. The property is valued at Rs 37 crore and the villa has three huge bedrooms and a number of lounges besides a huge garden. Mallya is said to be particularly possessive about this property and considers it his "sacrosanct family home".

A UB group official, talking on condition of anonymity, said there was an attempt by SBICAP to take possession of the Kingfisher Villa, but said Mallya remained in control of the property. “All that we can say right now is that the move to take possession is ‘bad in law’,” the executive added.

Early, Mallya had received a reprieve with a civil court in Goa restraining lenders from taking possession of the villa, which belonged to UB Group and not Kingfisher Airlines.

On Friday, SBICAP Trustee Company announced that it took possession of the sprawling three-acre Kingfisher Villa at Condolim in Goa on October 30.

