So far, the lenders have recovered around Rs 1,600 crore from their original exposure of Rs 6,900 crore by selling pledged shares and other monetisable collaterals.
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Under fire from multiple agencies, Vijay Mallya’s Kingfisher Airlines (KFA) now faces a probe by the Serious Fraud Investigation Office (SFIO) into its allegedly “inflated” brand valuation of over Rs 4,000 crore.
KIngfisher House is located in a prime location on the Easter Express Highway in Mumbai. The base cost for the property has been set at Rs 150 crore. But aside from the Kingfisher House, it’s confounding to realise that options are few. “I am not an absconder”, the businessman tweeted last week. “We are yet to identify properties to be attached”, said the source.
Another leading property consultant also said that the reserve price quoted by the banks was too high, taking into account the area and the current market trends. SBICAP Trustee Company, SBICAP’s wholly owned subsidiary, will hold the e-auction of property under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
The public sector lender put up the defunct headquarter of the grounded Kingfisher Airlines in Mumbai – popularly known as Kingfisher House – up for auction on Thursday.
As per the public notice for e-auction, Kingfisher House also come with an outstanding property tax of Rs. 67 lakh which is yet to paid.
The country’s largest lender, State Bank of India, which leads the lenders’ consortium that has extended loans to the troubled airline, had recently said banks are fighting more than 20 cases in relation to Kingfisher Airlines in various courts, including the debt recovery tribunal.
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Kingfisher Airlines’ operating licence was suspended in October 2012 by the Directorate General of Civil Aviation, following a strike by the airline’s employees.
