Kingfisher’s prime assets go begging

Kingfisher’s prime assets go begging

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Kingfisher’s prime assets go begging

MUMBAI: Two prime properties of the defunct Kingfisher Airlines, owned by the fugitive businessman Vijay Mallya, found no buyers even in the auction held on Monday.

A 17-lender consortium, led by the State Bank of India, could not find buyers for Kingfisher House here and Kingfisher Villa in Goa even after reducing the reserve prices by nearly 10 per cent to Rs. 103.5 crore and Rs. 73 crore, respectively. The airline, grounded since 2012, owes thousands of crores of rupees in unpaid loans to the banks.

Kingfisher House, the erstwhile headquarters of the airline, did not find buyers for the fourth time, and the Goa villa for the third time.

“Although there were enquiries for both assets, no bids were received,” a source said.

Mr. Mallya escaped to the U.K. on March 3, 2016 and has not returned despite summonses. The banks have initiated recovery proceedings for unpaid loans, some even declaring him a “wilful defaulter”.

In tweets last week, Mr. Mallya blamed faulty aircraft engines as one of the reasons for the collapse of Kingfisher Airlines.

Kingfisher House, with a built-up area of over 17,000 sq.ft, is located in Vile Parle, near the domestic airport terminal. The sea-facing Kingfisher Villa had been the venue of numerous lavish parties hosted by Mr. Mallya. The businessman owes over Rs. 9,000 crore to various banks.