Moneycontrol
Mar 20, 2017 01:58 PM IST | Source: Moneycontrol.com

Vijay Mallya's $20mn 'Sky Mansion' is ready, but will he get possession?

This skyscraper is being built under a joint venture between United Breweries Holdings Ltd (UBHL) and Prestige Estates Projects Ltd. In this agreement UBHL owns 55 percent stake and the developer have 45 percent.

 
 
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It's a residence fit for a king and the erstwhile King of Good Times, Vijay Mallya, has got it readied -- except he may not be able to move in himself.

A 35-storey skyscraper in Bengaluru built under a joint venture between United Breweries Holdings Ltd (UBHL) and Prestige Estates Projects Ltd, has a 40,000 square feet penthouse atop it, complete with a helipad and surrounding with a 360-degree view platform, says a report in the Mint newspaper.

The rough value of the 'Sky Mansion' is around USD 20 million but the embattled industrialist -- whose Kingfisher Airlines defaulted on a huge loan and who has been staying out of the country despite directives -- may lose the apartment.

In the legal battle that has ensued since Kingfisher's default, the debt recovery tribunal in Bengaluru ruled in favour of SBI, the airline's largest lender, and allowed banks to start the process of recovering the Rs 6,203.35 crore owed by the carrier.

The liquor baron and his companies -- UBHL, Kingfisher Airlines and Kingfisher Finvest India -- need to pay an amount of Rs 9,000 crore, after adding interest, to banks.

"In its application, Kingfisher Towers is listed under other known assets of UBHL, which means it (the apartments owned by the firm) can be sold by the recovery officer to pay the dues of the bank," according to the Mint report.

SS Naganand, senior counsel appearing for the bankers' consortium told the newspaper that if Mallya is found guilty under charges of money laundering, the government can also confiscate his or her property.
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