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E-auction of Kingfisher House fails to draw any bidder

India Blooms News Service | | Mar 17, 2016, at 07:58 pm

#Vijay Mallya # Easter Express Highway # Mumbai # Kingfisher House fails

Mumbai, Mar 17 (IBNS) The e-auction of Kingfisher House, part of liquor baron Vijay Mallya's flagship property, drew to a close no sooner than it was opened on Thursday as there was no bidder, according to media reports.

Reportedly, the base price of Rs 150 crore was too high to draw any bidder.

KIngfisher House is located in a prime location on the Easter Express Highway in Mumbai.

The e-auction was being conducted by an arm of the State Bank as part of the drive to recover at least a billion dollars loaned to Mallya's grounded Kingfisher Airlines.

Mallya is under pressure to repay over Rs. 6,000 crore loaned to Kingfisher Airlines, which stopped operating in 2013.

Some banks, including the state-owned State Bank and the United Bank of India, have declared Mallya a wilful defaulter.

The banks had asked the Supreme Court to stop Mallya from travelling abroad but the government told the court that he had left the country on March 2.

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