Monday, November 07, 2016

Will cut price to auction Kingfisher Villa again: PNB official

New Delhi:  The consortium of 17 banks may reduce the reserve price of over Rs 85 crore to auction Kingfisher Villa in Goa again as efforts to sell the property to recover dues failed last month.
The villa was owned by United Breweries Holdings, one of the Mallya group companies, and mortgaged by the now-grounded Kingfisher Airlines (KFA) to the consortium of banks to secure loans in 2010.
"The consortium failed to sell the Kingfisher property at that price. Maybe, we will be reducing the price and again auction it. Next time, probably we will get some buyer, we have to also market and sell the Goa property," Ram S Sangapure, Executive Director, Punjab National Bank (PNB), told PTI.
Vijay Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, Bank of Baroda, Allahabad Bank, Federal Bank and Axis Bank, among others.
07/11/16 PTI/New Indian Express