Auction fails again for Mallya’s Kingfisher House, Goa Villa

The liquor baron Mallya, who has a debt of over nine thousand crores is now in U.K due to the cases filed against him in India. Failure of kingfisher airlines started his downfall and now he is announced by many banks as a willful defaulter. The congress and BJP blame each other over Mallya’s issue.

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Auction

Kingfisher house and a villa in Goa belonging to Mallya were set to auction as a part of the steps taken by the seventeen lender consortium headed by SBI. Kingfisher house, which was once functioning as the airlines HQ was set a reserve price of 103.5 crore rupees and the villa was set a price of 73 crore. The auction was a fourth attempt made to sell the properties but it failed as there was no bidder for Mallya’s properties.

Previous auctions

  • The first auction for the house was held in last march with a price of 150 crores. Since it failed, the price was revised to 135 crore in the next attempt. A further revision in the price was made in the third attempt in last December. Despite repeated attempts the 17,000 Sq. ft property is yet to be sold.
  • The villa was set an initial price of 85.29 crores for its first auction held in last October. In the second attempt in last December, the sea facing property was set a revised price of 81 crores. However, none of the efforts made by the SBICAP trustee who tries to sell the properties for the lenders has turned fruitful.