Saturday, April 8, 2017

Vijay Mallya's Kingfisher Villa Finally Sold

The Kingfisher Villa in Goa has been finally sold by the lenders consortium led by State Bank of India (SBI). 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.

The villa was among the assets pledged to take loans for Vijay Mallya's now-defunct Kingfisher Airlines.

Also read: Sasikala meets 28 visitors in 31 days

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.


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I am Tammana, a professional blogger. Follow me in Twitter, Facebook and Google plus for more discussion.

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