No one to buy Vijay Mallya’s building
posted on Mar 17, 2016 @ 4:52PM
India might have watched the news about the auction of Kingfisher house to know the `score’. But to the disappointment of the country and to the banks.... no one came forward to purchase the liquor baron’s property. The 2,400 sq.mt Kingfisher house in Mumbai was left untouched. Earlier, an e-auction was invited to purchase the house. Banks have even set the reserve price at 150 crores to start the auction. Though this is tiny when compared to the 6,963 crore debt plus interest owned by Mallya, Banks cheered themselves to have made a start in the process of recovery. But to the utter embarrassment of 17 banks consortium led by SBI, none took the chance to please them. Some blame the high reserve price and some blame the legal risks involved with the property. But if banks can’t recover at least 150 crores from the debt, what could be the fate of remaining amount!