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Repeated attempts to auction the Mumbai property have failed to find a buyer, which was the case for sea-facing Goa villa as well until the banks entered into direct negotiations to clinch a bilateral pact with the buyer.
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While Kingfisher House will be put under the hammer for the fourth time after three failed attempts, Kingfisher Villa is being put on sale for the third time. The reserve prices for both the properties owned by Mallya have been lowered after the earlier attempts of the 17-lender consortium failed to attract bidders.
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Kingfisher Airlines' two prime assets, Kingfisher House in the city and Kingfisher Villa in Goa, will be auctioned tomorrow by banks to recover their loans to the long-defunct airline started by defaulter businessman Vijay Mallya.
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After failing for the third time
to find a buyer for the Kingfisher House in the city earlier
this week, the lenders are reauctioning troubled businessman
Vijay Mallya's another plush property, the Kingfisher Villa on
the Goan coast tomorrow.
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The 17-lender consortium, led by State Bank of India had put on auction the property today with a reserve price of Rs 115 crore, which was 15 per cent less than the second auction of the property held in August and 23 per cent lower than the first auction in March this year.
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Two plush properties belonging to
troubled businessman Vijay Mallya, Kingfisher House in the
city and Kingfisher Villa in north Goa, will be re-auctioned
this week by the 17-lender consortium at lower reserve prices
compared to the failed previous three auctions.
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The 17-lender consortium to the
defunct Kingfisher Airlines has again put on sale its
erstwhile headquarters, Kingfisher House, but with a 15 per
cent reduction in the reserve price.
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The 17-bank consortium, led by State Bank of India, have been trying to sell this property as part of their efforts to recover dues totalling over Rs 9,000 crore from Kingfisher Airlines and had reduced the the reserve price by 10 per cent for today's auction.
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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 here, after not even a single bidder turned up at an earlier auction in March at a reserve price of Rs 150 crore.
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Three months after they failed to sell Kingfisher House, erstwhile headquarters of the defunct Kingfisher Airlines, the lenders have once again put up the property for auction with a lower reserve price of Rs 135 crore so as to part-recover their loans
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This is the second failed attempt by the 17-bank consortium led by state-run behemoth SBI to recover some money from Mallya, after an earlier auction of Kingfisher House -- the erstwhile headquarters of the long-defunct airline -- met with a similar fate, with no bidder coming forward.
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The reserve price for the trademarks, which also include Flying Models, Fly the Good Times, Funliner, Fly Kingfisher, Flying Bird device, has been kept at Rs 366 crore.
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To raise the bail money amount for the release of Sahara's chief Subrata Roy, Supreme Court has asked Sebi to initiate the process of selling 87 "unencumbered" properties of Sahara group, whose title deeds are with the regulator.
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After a failed bid to sell the 17,000-square foot Kingfisher House in Mumbai for Rs 150 crore, lenders of debt-laden Kingfisher Airlines have moved to auctioning movable assets within the premises.
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Some of the reasons for the KFA House auction failure cited by experts are valuation, its proximity to airport, low FSI, litigations etc.
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The consortium had evaluated the base price of the Kingfisher House at Rs 150 crore and bid increment amount was Rs 5 lakh.
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The property, with a built-up area of over 17,000 sq ft in Vile Parle area, is being auctioned by SBICAPS Trustee, a subsidiary of SBI Caps through an e-auction.
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The e-auction will be done under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
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Kingfisher Airlines Limited had deducted tax at source from employee's salary and other payments for many years but failed to remit it to the government account following which it owes over Rs 350 crore as taxes, the Department said.
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This comes a day after the Karnataka High Court rejected a plea by the company restraining its bankers from taking possession of the prime property, whose sale could fetch about Rs 90 crore.
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SBICAP Trustee Company Ltd, an arm of the State Bank of India, one of the major lenders to Kingfisher Airlines, which took possession of Kingfisher (KFA) House in Mumbai on August 10, has put the property up for auction.
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For banks with exposure to the ailing Kingfisher Airlines, it may be a choice between devil and deep blue sea. Citing the recent Cabinet approval for foreign direct investment in aviation,
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A day after admitting that it had long ago requested the lenders to sell two of its properties pledged with the banks--the Kingfisher House in Mumbai and Kingfisher Villa in Goa--the airline today clarified that the Goan property is not on the block.
