Bengaluru: Fugitive financial offender Vijay Mallya’s luxury jet, which bears his initials ‘VT-VJM’ in its registration number, finally found a buyer on Friday.
After at least three failed auctions and protracted legal procedures, the Airbus A319-133C VT-VJM MSN 2650 was auctioned by the official liquidator attached to the Karnataka high court in Bengaluru.
The US-based Aviation Management Sales, LLC, emerged the highest bidder as the auction was closed for the bid price of Rs 34.8 crore ($5.05 million). The highest bid is subject to the approval of the Bombay high court. The bid is higher than the ones received at the previous e-auctions conducted by the service tax department. The bid opened at $1.9 million.
The auction was held to recover dues and penalties owed to the service tax department by Mallya’s Kingfisher Airlines (now in liquidation). “The grounded corporate jet is a sort of a prize catch as its customised interiors are unmatched in luxury. While its current list price would be approximately around $100 million with a standard specification, it was sold at dirt cheap price due to its grounded condition. It was not in airworthy condition as it has been grounded for nearly five years,” said a person privy to the development.
30/06/18 BV Shiva Shankar/Times of India
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After at least three failed auctions and protracted legal procedures, the Airbus A319-133C VT-VJM MSN 2650 was auctioned by the official liquidator attached to the Karnataka high court in Bengaluru.
The US-based Aviation Management Sales, LLC, emerged the highest bidder as the auction was closed for the bid price of Rs 34.8 crore ($5.05 million). The highest bid is subject to the approval of the Bombay high court. The bid is higher than the ones received at the previous e-auctions conducted by the service tax department. The bid opened at $1.9 million.
The auction was held to recover dues and penalties owed to the service tax department by Mallya’s Kingfisher Airlines (now in liquidation). “The grounded corporate jet is a sort of a prize catch as its customised interiors are unmatched in luxury. While its current list price would be approximately around $100 million with a standard specification, it was sold at dirt cheap price due to its grounded condition. It was not in airworthy condition as it has been grounded for nearly five years,” said a person privy to the development.
30/06/18 BV Shiva Shankar/Times of India
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