Kingfisher Airlines' lenders led by SBI can now go ahead and take possession of 'Kingfisher House' in Mumbai and sell it to recover some of the dues that run up to over Rs 8,000 crore.
Vijay Mallya-led Kingfisher Airlines on Monday withdrew its appeal in the Supreme Court seeking to restrain the SBI-led consortium of 17 banks from taking over possession of the 'Kingfisher House' in Mumbai.
According to media reports, till last year, the prime Mumbai property in suburban Andheri that houses the airlines' offices was valued at Rs 93 crore. A villa in Goa is also part of the mortgage to banks.
As part of the recovery process, banks in February last year decided to sell a portion of the collateral with them, including shares of group companies United Spirits Ltd and Mangalore Chemicals & Fertilizers Ltd.
Kingfisher Airlines has been grounded since October 2012 and has since lost its flying licence.
(With agency inputs)
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