Vijay Mallya's Kingfisher House to be auctioned for the sixth time, reserve price reduced to Rs 82 crore

Chairman of Kingfisher Airlines Vijay Mallya speaks during a news conference about the new Kingfisher Airlines service between London and Bangalore in southern India, in London September 4, 2008. Photo: REUTERS

The authorities will have another attempt at auctioning exiled liquor baron Vijay Mallya’s Kingfisher House. The reserve price for this attempt has been kept at Rs 82 crore. In the previous five attempts, the house has found no takers.

Debt Recovery Tribunal (Karnataka), Department of Financial Services put out an advertisement saying that  Kingfisher House (Kingfisher Airlines Mumbai office) will get e-auctioned on December 19 between 11 am and 12 noon. The interested bidders need to submit Rs 50 lakh in advance, according to India Today.

The first auction of the property was led by State Bank of India and 17 other banks in March last year and was a failure. At the base price of Rs 150 crore, the property had no takers.

Subsequently, the reserve price was revised and the last auction had the reserve price of Rs 93.5 crore for the 2401.70 square metre sprawling house, but to no avail.

On November 11, nine vehicles belonging to the tainted businessman were auctioned for Rs 4,90,0000.

The Indian authorities have made little success in the extradition of Mallya from the UK. In recent weeks, the British court hearing the extradition case of embattled liquor baron Vijay Mallya rejected two separate extradition requests by the Indian authorities.

The next hearing in Mallya’s case is on November 20 who is accused and wanted in India on loan defaults to several banks amounting to about Rs 9,000-crore.