London: Indian tycoon Vijay Mallya’s palatial island home boasts 17 bedrooms, a cinema, private helipad and even its own nightclub. But one of the banks suing him for unpaid debts allege the former billionaire let it fall into disrepair.
Mallya bought ‘Le Grand Jardin’ through his company Gizmo Invest SA in 2008 using a 27-million euro ($30 million) loan facility from Ansbacher & Co., a unit of Qatar National Bank SAQ. Gizmo has since defaulted on the loan, the bank told a London high court Wednesday.
It’s seeking a court order to force Mallya to sell his 50-meter (164-foot) superyacht currently impounded in southern England because a 5-million euro mortgage on the boat serves as security for the loan, it said.
By September 2015, when the loan was due and Mallya was facing a $100 million lawsuit from Diageo Plc and $1.2 billion lawsuit from a consortium of Indian banks, the 1.3 hectare property on the French island Ile Sainte Marguerite “had fallen into disrepair,” the bank’s lawyer Gideon Shirazi said in court documents.
Unsuitable interior designers and builders engaged to carry out repairs at the property left it in a worse state, he said. On Mallya’s request to extend the loan, the bank instructed Knight Frank to inspect the property, and the real estate agents found that the value had fallen by 10 millions euros to 30 million euros. By January 2018, the work on the property was still incomplete, according to the bank.
Mallya and Qatar National Bank didn’t immediately respond to requests for comment. Mallya wasn’t represented in court.
The yacht was seized by marine insurer Skuld in January 2018 for non-payment of the crew’s wages. The island home is now listed for sale.
Also read: ‘Airline karma’: Vijay Mallya expresses solidarity with Jet Airways, criticises govt
King of Good Times
It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd., faces extradition to India on fraud charges. He was granted permission to appeal, which will be heard in February.
Mallya, who was known as the “King of Good Times” in India, was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on the debt accumulated by the airline, which shut in 2012. A willful defaulter is someone who refuses to repay loans despite having the means to do so.
The tycoon is also facing a petition from 12 state-owned Indian banks that called for him to be declared bankrupt over 1.15 billion pounds ($1.5 billion) in unpaid debts in a London court last month. Mallya’s lawyers argued the hearing should be adjourned until a decision on his appeal against the extradition order.
Also read: Vijay Mallya says he’s been turned into the personification of all financial ills in India
17 bedrooms. One beautiful interior designer for each bedroom? Wah, Mallya!!!
They looted Indian banks, then Qatar bank. Why they free?
Both Mallya and Archana should be brought back and put together in the same jail cell. Then they can “decorate” the jail cell to their hearts content.
This Archana too busy with her patraon and his guest to fix villa?
What must they be doing
What did Mallya say after discussion with his sexy interior designer?
Oo La La La Le O!
Both married. Both shameless!
17 bedrooms?
Dang!……………….
All 17 bedrooms must have been well used
Who was supervising the “unsuitable” interior decorator?
The crookMallya himself?
Who else? There were 17 bedrooms to decorate, each in a different way, methinks:-)
Why did Qatar Bank not keep an eye on the interior designers and builders……why it take so long for bankers to realize Mallya’s deceptions with interior designer? If indeed this is what he did…
Indian govt must probe this interior designer. Maybe money laundering by Mallya through fake interior projects in French Villa.
Maybe related to tax raid on Mrs Archana Kudchadkar, Mallya’s beautiful interior designer who used to be regular at kingfisher villa. Or maybe not. But police should check.
No wonder Mr. Akhil Kudchadkar beat up the income-tax officer, so much black money and shady deals were abou to be exposed?
Why haven’t they named tie “unsuiitable interior designers and builders” who caused so much loss?
Were these people really professionals, or just sham firms who Mallya funnelled money to?
Why doesn’t the bank Sue this “unsuitable interior dedigners and builders” also?
After all, they took money and did not do any work, causing 10 million EUROS to the bank.
The banks are at fault, too, for lending so much without scrunity……..why just blame Mallya and his chamchas like Archana?
What is her husband doing while she is going to Mallya’s villas? The whole Kudchadkar family looks suspicious to me even before the tax raid and Section 353 beat up.
Her husband looks at least 25 years older than the gorgeous Archana. That may have a lot to do with her scandalous behavior.
So Mallya is still at his games? Afteer defaulting with Rs. 10,000 crores, he still funnelled money away in the name of interior design?
Guys has no limits. Just like Akhil & Archana kudchadkar, who beat up tax team in Goa….
These people are looting the country, stashing money in France and elsewhere and laundering it back into Goa through fake interior design and builder firms. Police must investigate throughly.
How will this Mrs. Archana Kudchadkar explain all the money she got for “interior design” to the I-T officials?
That should be a real interesting interrogation. No wonder Mr. Akhil Kudchadkar lost his temper, because what his mom got paid for was not villa improvement work 🙂
Bet the nightclub and 17 bedrooms were very well used. The rest of the Villa was left to rot.
Seems like Qatar Bank was not paying attention to where the money was going. Thank God for the Indian income-tax officials who caught up with them (and got beat up by Akhil Thug in the process)
Both Mrs Archana and Mr Mallya were married, right? To other people, I mean…
Yes, they were both married. To other people. They cheat their husband, wife, taxpayers, banks, employees, governments……they deserve most severe punishment
Just look at what people are tslking about Mrs. Archana and Mr. Akhil in the Times of India article comments……how shameful!
Did Archana not report the money paid by Mallya in the name of “interior design” for the villa? Is that why she got into tax trouble and abuse the tax team? Maybe lots and lots of money at stake?
This Archana, she is worth throwing away 10 million euros for!
Mallya bad businessman, but knows how to pick women. No wonder she got invited every year to his parties with models and actresses. She is a 10 out of 10 yummy mummy!
Now that the cops have caught up with Archana Kudchadkar………..hopefully she will lead them to more of Mallya’s loot…
– Vaishali Dandekar, Singapore
This ” unsuitable interior designer” is the beautiful furniture-wali who used to regularly spend nights at Kingfisher Villa and attend Mallya’s parties with all his models?
No wonder the French villa is rotting. Bet Mallya gave her millions without doing any upkeep of the villa.
Kudos to the tax team led by Vidya Tanse to nab the Kudchadkar family. There is so much money involved, no surprise Archana and Akhil beat up the tax officials. See “(Three booked for restraining I-T officials” in Times of India online)
What were the banks doing while Mallya was funnelling cash to his favourite mistresses in the name of “interior decorators”?
Is there no check on how Mallya spends money even though he is so much in debt?
At least he must have made full use of the nightclub and 17 bedrooms while we suffer 🙂
Akhil Kudchadker looks like another Mallya in the making. Even Mallya did not dare to beat up a woman officer Vidya Tanse
But if the tax officer had been a male, I believe the hot Mrs. Archana would have handled him easily!
Mallya is enjoying his nightclub and bedrooms, hiring his Goa mistress as interior decorator. Meanwhile, banks suffer RS 10000 crore losses, villa value down by 10 million EUROS because of this worthless beauty pretending to be interior designer, and kingfisher employees left without pay. So sad!
They are so arrogant. But they are getting away scot-free. India has no luck extraditing Mallya, and his tax-cheat cronies are getting away without punishment in Goa.
I understand Mallya cannot live without a nightclub, but why on Earth did he need 17 bedrooms?
How much black money did Mallya’s interior gal have to hide that she and her son decided to risk two years in jail and beat the raid officials?
Don’t blame Mallya at all on this one. Any man would be happy to have a “unsuitable interior designer” like this piece of furniture!
So the “unsuitable interior designer” was a hot married squeeze Mallya imported from Goa? Ha ha. wonder the Villa got rotted! The lovely Mrs. Kudchadkar was probably too busy serving Mallya and his guests to do any upkeep of the Villa.
Mallya may be a lousy businessman, but he sure has excellent taste in so-called “interior dedigners”. This lady is hot gorgeous sexy beauty. But in addition to affair with Mallya, she got caught cheating on taxes, so she and her son beat up the income-tax team! Some nerve!!!
Mallya is just toying with the banks and Indian government. His cronies are toying with Goa. They have assembled so much black money and black power that they dare to beat up income-tax officials!
Is this the same sexy interior designer who attacked the tax official in Goa as reported in Times of India online edition? So why isn’t she in jail?
Instead of maintaining his property, Mallya hired his mistress from Goa as “interior designer”. No wonder property rot!
This Mallya girlfriend also got caught cheating taxes. When income-tax official raid, she abused and beat up the income-tax officer!
(This is true news report in Times of India…Google “Archana Kudchadkar” and you will find her)
This is how Mallya still enjoying with bank and taxpayer money!
Even PM and FM are helpless in bringing him back to India to face the trial in Indian courts. It appears that he borrowed from every source possible and enjoyed life. The entire nation is helpless to take action against him. I thought the justice is delayed in our country only. It appears it is worse in U K also.