Sunday, November 24, 2019

Vijay Mallya's Kingfisher House up for auction for the 8th time

New Delhi: Absconding liquor baron Vijay Mallya's 'Kingfish House' is up for auction for the eighth time in three years. It may be noted that the property was headquarters of the defunct Kingfisher Airlines Ltd. (KAL). The Debts Recovery Tribunal (DRT), Bengaluru has announced a new auction date of November 27, 2019, for the beleaguered property through an online bidding process.
From the original price of Rs 135 crore during the first auction, the reserve price has been dropped to Rs 54 crore only. There has been a sharp 60% drop in the price of the property. Note that this property was valued at Rs 150 crore in 2016. The first auction was ordered by DRT Bengaluru in 2016 and at that time the price was fixed at Rs 135 crore.
23/11/19 ETNowNews
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