Finally, Lenders Able To Sell Vijay Mallya's Kingfisher Villa
Kingfisher Villa in Goa has been sold in the fourth attempt It was first put under the hammer in October last year The sea-facing property had been home to numerous lavish parties
The Kingfisher Villa in Goa has been finally sold by the lenders consortium led by State Bank of India (SBI), news agency IANS reported. The villa was sold in the fourth attempt as it failed to get any bid thrice. For the sale, the reserve price was fixed at Rs 73 crore and the villa found a buyer in actor-cum-business baron, Sachiin Joshi, of the Mumbai-based Viiking Ventures Pvt. Ltd, said an SBI official who requested anonymity. The villa was among the assets pledged to take loans for Vijay Mallya's now-defunct Kingfisher Airlines.
This comes as an effort to recover loans running into thousands of crores from the airlines that got grounded in 2012 under a huge financial burden.
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 in October last year with a reserve price of Rs 85.29 crore
The SBI-led consortium had reduced the reserve price of Kingfisher Villa, the plush property situated at Condolim in North Goa, by 10 per cent from Rs 81 crore quoted in the second attempt at auction of this property in December 2016.
Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He has been in the UK for more than a year despite summons against him, while a number of banks have initiated recovery proceedings for their unpaid loans and some have even declared him a 'wilful defaulter'. He left the country on March 3 last year and Indian authorities have been trying since then to bring him back.
(With Agency Inputs)
