UK Court Orders to Sell Mallya’s 6 Cars to Pay off Banks Rs. 10,000 Crore

UK Court Orders to Sell Mallya’s 6 Cars to Pay off Banks Rs. 10,000 Crore

Earlier this week, a London High Court Justice Cockerill while considering the fact that the Vijay Mallaya's cars if sold could collect no less than £404,000. The Court thus ordered that personalised posh cars of  tycoon and former liquor baron Vijay Mallya are to be sold in order to pay off the amount Rs.10,000 crore to a consortium of 13 Indian banks. The cars in question also include some with his personalised number plates using Mallaya's initials VJM, clearly indicating his former ownership of Force India team or his earlier glamorous persona.

The Court in its order left the decision to enforcement officer's discretion to sell Mallaya's 2016 Mini Countryman, Maybach 62 registration number ‘VJM1’, Ferrari F430 having registration and ‘BO55 VJM’, Range Rover having registration ‘F1 VJM’, a Ferrari F512M and a Porsche Cayenne with the number plate OO07 VJM.

The order came as a major blow to Malaya when he lost his case in the High Court against the registration of the Bengaluru Debt Recovery Tribunal (DRT) judgment in UK courts.

The DRT in its judgment clarified that Mallya is under an obligation to pay Rs. 6,203 crore plus interest amounting to Rs. 9863 crore to the consortium of Indian banks.

In July this year, the London High Court granted permission to enforcement officials to enter his estate near London and also to seize his possessions.