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The focus in the ongoing controversy surrounding liquor baron Vijay Mallya will now turn to the sale of Kingfisher House in Mumbai, the headquarters of his now defunct Kingfisher Airlines on Thursday.
SBI Caps through its wholly-owned subsidiary SBICAP Trustee Company Ltd will go through an e-auction process to dispose of one of the only two known mortgaged physical assets of Mallya.
The reserve price is ₹150 crore, but real estate advisory firms say that the bidders may quote a much lesser price for a distressed asset. The entire property stands on a 4,000-sq-m land.
The Mumbai property is in the name of Kingfisher Airlines, while the property in Candolim, Goa, is registered in the name of UB Holdings. Apart from these properties, Mallya had pledged his shares in United Spirits, Mangalore Chemicals and Fertilisers, Kingfisher Airlines, 11 leased aircraft, two helicopters and all trademarks as well as the Kingfisher brand to get bank loan to operate his airline.
The entire auction is being conducted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002.
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