No Bidders For Kingfisher Airlines’ Mumbai And Goa Properties, Again
Auction of two plush properties of Vijay Mallya's defunct Kingfisher Airlines -- Kingfisher House in this metropolis and Kingfisher Villa in Goa, proved to be a damp squib once again on Monday with not a single bid coming in.
The 17-lender consortium led by State Bank of India Ltd. (SBI) could find no buyers despite reducing the reserve prices for both the properties by nearly 10 percent to recover loans running into thousands of crores of rupees from the airline that got grounded in 2012 under a huge financial burden.
Kingfisher House, the erstwhile headquarters of the airline, was put under the hammer at a reserve price of Rs 103.5 crore while the same for Villa in Goa was Rs 73 crore.
Mallya himself has been in the U.K. for almost a year despite summons against him here in India, while a number of banks have initiated recovery proceedings for their unpaid loans and some have even declared him a 'wilful defaulter'.
In a series of tweets last week, Mallya blamed faulty engines as one of the reasons for the collapse of Kingfisher Airlines.
Not surprised at DGCA enquiry into Pratt & Whitney aircraft engines. Kingfisher Airlines sadly collapsed also due to faulty engines.
March 3, 2017While the auction of Kingfisher House has failed for the fourth time, Kingfisher Villa could not get any bid for the third time.
"Although there were enquiries for both the assets, no bids were received," said a source familiar with the auction.
The reserve price for Kingfisher House was cut by 10 percent from Rs 115 crore in the previous auction held last December. Lenders had made the first attempt to sell Kingfisher House in March last year with a reserve price of Rs 150 crore, which was reduced to Rs 135 crore in the second attempt.
The prime property has a built-up area of over 17,000 sq ft and is located in the plush Vile Parle area near the domestic airport terminal.
The SBI-led consortium had reduced the reserve price of Kingfisher Villa, the plush property situated at Condolim in North Goa, by 10 percent from Rs 81 crore quoted in the second attempt at auction of this property in December. The sea-facing property, which had been home to numerous lavish parties hosted by Mallya in the past, was put under the hammer for the first time last October with a reserve price of Rs 85.29 crore.
Auction for both the properties was conducted by SBICAP Trustee on behalf of the lenders.
Mallya owes over Rs 9,000 crore to lenders like SBI, Punjab National Bank Ltd., IDBI Bank Ltd., Bank of Baroda Ltd., Allahabad Bank Ltd., Federal Bank Ltd. and Axis Bank Ltd., among others. He left the country on March 3 last year for the UK and Indian authorities have been trying since then to bring him back.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
