Saturday, December 30, 2017

Valuation process started for Kingfisher Villa

Lenders of the defunct Kingfisher Airlines have begun the valuation process of the Kingfisher Villa in Goa. The physical possession of the villa had been taken last month after a long legal battle.

The process of arriving at a commercial value for the villa is likely to be completed in a few days. The Condolim villa would be put on auction after the successful completion of the valuation process. The move was taken to recover over Rs 9,000 crore dues from the airline. The auction date and reserve price have not been finalized yet.

Owned by United Breweries Holdings, the Kingfisher Villa was mortgaged by the defunct airline to a consortium of 17 banks to obtain loans in 2010. The villa was valued Rs 90 crore in 2010.
30/12/17 Mirror Now/Times Now