Kingfisher House owned by Vijay Mallya fails for second time as no bidder turns up for its auction
 Source : News Bharati English  Date : 05-Aug-2016

Mumbai, August 5: The Kingfisher House that was held on Thursday failed once again as no bidder stood up to buy the erstwhile headquarters of Vijay Mallya-led group's grounded airline at a much-reduced reserve price of 135 crore rupees. This is the second attempt by the banks to recover part of their unpaid loans from Kingfisher Airlines through auction of this prime office property near domestic airport in Mumbai.
After the failed auction, the bankers stated that the reserve price must be slashed down once again. As part of their efforts to recover dues totalling over 9,000 crore rupees from Kingfisher Airlines, 17-bank consortium, led by State Bank of India, have been trying to sell this property by reducing it to reserve price by 10 per cent. The Kingfisher house put up for auction is a 17,000 sq foot house in Vile Parle.

The lenders not only are selling the Kingfisher House, but also have put up some of the movable secured assets worth 13.70 lakh rupees lying at this office property, at a separate auction. Along with it, the banks are also trying to sell auction brands, trademarks including the infamous tagline ‘Fly The Goodtimes’. Mallya’s private jet is also on the sale.

The tax department will put under hammer, the house set up for auction, this month to recover part of their dues totalling thousands of crores of rupees. Banks will also soon auction Kingfisher Villa in Goa. The valuation process is underway for the Villa could be around Rs 90 crore.