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  1. SBI to e-auction Vijay Mallya’s Goa villa on October 19; reserve price set at Rs 85 crore

SBI to e-auction Vijay Mallya’s Goa villa on October 19; reserve price set at Rs 85 crore

SBI has put Vijay Mallya's Goa villa on the block. SBI will sell the Goa villa via e-auction on October 19.

By: | Published: September 13, 2016 5:46 PM
Vijay Mallya, Vijay Mallya news, Kingfisher Airlines, Kingfisher Airlines latest news SBI has set a reserve price of Rs 85 crore for Mallya’s Goa villa. (File photo of SBI notice when it took possession of the villa)

The State Bank of India (SBI) has put Vijay Mallya’s Goa villa on the block. According to a CNBC-TV 18 report, SBI will sell the Goa villa via e-auction on October 19. The report said that SBI has set a reserve price of Rs 85 crore for Mallya’s Goa villa. The bank had taken physical possession of the bungalow in May this year. The sale is a part of Kingfisher Airlines’ lenders to recover over Rs 9,000 crore dues from the airline.

The villa, which is near the Condolim beach in north Goa, was owned by United Breweries Holdings. It was mortgaged by the now defunct Kingfisher Airlines to a consortium of 17 banks in 2010 to obtain loans. The villa was valued at Rs 90 crore at that time, a PTI report suggests. In May, the North Goa collector Neela Mohanan had given an order in favour of the banks to take the physical possession of the villa. The posession had been made difficult after United Spirits had claimed tenancy rights. However, on May 12, SBI Cap Trustees finally took the possession of the posh property.

The villa was once used by beleaguered Vijay Mallya to host lavish parties during his ‘good times’. This would be the second immovable property which the 17-lender consortium led by State Bank of India will put on sale. In March this year, banks had tried to sell the Kingfisher House in Mumbai to recover a part of their dues. The property did attract any bidders, because the banks had set a high reserve price of Rs 150 crore. In April, the lenders had tried to auction the brands and trademarks of Kingfisher Airlines. This too had turned into a flop show, because of the Rs 367 crore reserve price.

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