The government-owned State Bank of India (SBI) has seized a villa of debt-strapped liquor baron Vijay Mallya in Panaji, Goa. Mallya flew to London in March, under pressure from bankers seeking to recover about Rs 9000 cr owed by his collapsed Kingfisher Airline. The district magistrate gave an order in favour of banks to take physical possession of the Rs 90 cr Kingfisher Villa in Panaji town, which was venue of many famous parties hosted by him.

So far, India has failed in its initial attempt to secure the return of Mallya from Britain but New Delhi said it would continue to seek his repatriation to face his creditors. India, which has revoked Mallya’s diplomatic passport, requested on April 28 he be deported but now acknowledges there is no immediate prospect this will happen because Mallya has the right to remain in Britain.

The 60-year-old Mallya, a Formula 1 boss known as the “King of Good Times” for his party lifestyle, is the subject of a non-bailable warrant issued by a special judge in Mumbai. The Enforcement Directorate, a government agency set up to fight financial crime, has accused Mallya’s UB Group of using Rs 430 cr of bank loans to Kingfisher to buy property overseas.

Mallya has denied wrongdoing, calling the charges against him “preposterous”. He has also offered a settlement to his creditors that they have so far refused to consider.