Wednesday, March 16, 2016
Kingfisher Airlines will auction Vijay Mallya’s Kingfisher House in Mumbai on Thursday.
The e-auction will be conducted by CBI Cap Trustee Co.Ltd and SBI Cap Trustee Company had taken possession of the 2,401 sq.m property in February 2015. The e-auction will be conducted under the Securitization and Reconstruction of Finacnial Assests and Enforcement of Security Interest Act 2002. The reverse price for the property has been fixed at Rs.150 crore. As on January 31, 2014, King Fisher Airlines owes banks Rs 6,963 crore. All the banks had classified the loans as non-performing. Some banks, including SBI and United Bank of India, have declared Mallya a wilful defaulter.