keypoints:

Vijay Mallya’s Kingfisher House “sold” in Mumbai for a whopping Rs 52 crore. 

Vijay Mallya’s Kingfisher House has been sold. Saturn Realtors bought it.

In the end, fugitive businessman Vijay Mallya’s Kingfisher House has been sold. It was bought by Saturn Realtors, a private developer in Hyderabad, for Rs 52 crore. Kingfisher House has been sold by the Debt Recovery Tribunal (DRT). The sale price is about one-third of its reserve price of Rs 135 crore.

The property was the head officer of Kingfisher Airlines. Mallya’s airline has now closed. SBI-led banks owe an estimated Rs 10,000 crore to the company. The area of ​​the property is 1,586 square feet, while the plot is 2,402 square feet. The office building has a basement, a ground floor and two upper floors.

The three companies had raised Rs 7,200 crore by selling Mallya’s shares.

Earlier, creditors had recovered Rs 7,250 crore out of Rs 10,000 crore debt owed to Kingfisher Airlines by selling Vijay Mallya’s shares. In the auction held on June 23, 2021, Mallya sold shares in SBI-led banks United Breweries Limited, United Spirit Limited and McDonald Holding Limited. 

The recovery officer sold 4.13 crore shares of United Breweries, 25.02 lakh shares of United Spirits and 22 lakh shares of McDonald Holdings in a block deal.

The first auction of the property was attempted in March 2016.

According to media reports, even after many attempts to sell Kingfisher House, the creditors could not find a buyer. The property auction has failed 8 times before. Creditors also include financial institutions, including government banks. Kingfisher House was first auctioned in March 2016. The property was valued at Rs 150 crore. But the property auction failed.

Kingfisher Airlines

Kingfisher House, which closed in 2012, is located in Vile Parle near Mumbai Airport. According to a realty expert, there is currently no possibility to develop this property. Because it is outside Mumbai Airport. Notably, Vijay Mallya’s airline Kingfisher Airlines closed in 2012. Mallya has been declared a wilful defaulter.

Vijay Mallya was declared bankrupt by the British court

On July 26, a British court declared Vijay Mallya bankrupt. With this order, Indian banks can now easily seize Mallya’s assets across the world. An application was filed in a British court against Mallya by a group of Indian banks led by the State Bank of India (SBI). Mallya also has no chance to appeal against the London High Court’s decision.