The 17-loan specialist consortium drove by State Bank of India has put on sale embattled businessman Vijay Mallya’s prime Goa property, the Kingfisher Villa, at a reserve price of Rs 85.29 crore.

The auction of the property located at Condolim in North Goa, which was once used by Mallya to host lavish parties, will be conducted on October 19. “The e-auction will be of the immovable property of the villa with structures and buildings and will include pumping systems of swimming pools, AC ductings, electrical wiring and piping,” says a public notice issued by SBICap Trustee.

Auction of Kingfisher Villa
Kingfisher Villa

The notice, nonetheless, says every single portable resource inside the premises of the estate are excluded in the e-auction and that the bidders can inspect the villa on September 26-27 and October 5-6.

The property claimed by Mallya, who is currently abroad and confronting a huge number of criminal accusations for defaulting over Rs 6,000 crore loans, has a total 12,350 sq meters.

Along with interest and penalties, he owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. The lenders took possession of the villa only on May 13 this year after a long legal battle with United Spirits, which had claimed tenancy rights over the property. The villa, owned by United Breweries Holdings, was mortgaged by the now-grounded Kingfisher Airlines to SBI-led 17-bank consortium to obtain loans in 2010.

A month ago, the moneylenders and expense powers had put under the hammer different portable and enduring resources of the airline for the second time, yet neglected to get any purchasers.

The advantages put discounted incorporated the airline’s past central command, the Kingfisher House close to the Mumbai air terminal, cars, Mallya’s extravagant individual jet, various brands and trademarks, including the well known ‘Fly with Good Times‘.

Additionally, the store cost of the carrier’s trademarks, including Kingfisher logo and the slogan Fly the Good Times, for the most recent month’s sale was sliced to Rs 330.33 crore, from Rs 366.70 crore.


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