Auction of Kingfisher House proved to be a flop show Thursday with no bids coming in, presumably due to litigation fears and a high reserve price of Rs 150 crore \u2014 dealing a blow to lenders’ efforts to recover their loans.<\/p>\n
Auction of once headquarters of Vijay Mallya’s defunct airline, with a built-up area of over 17,000 sq ft in Vile Parle area near domestic airport here, started at 11:30 am and ended in about an hour with no success.<\/p>\n
“There were no bidders. I think the higher reserve price was the reason for it,” said an official involved with the auction conducted by SBI Caps for a consortium of banks led by public sector lender State Bank of India.<\/p>\n
The reserve price for Kingfisher House was set at Rs 150 crore, which bidders found to be very high, he added.<\/p>\n
The 17-member consortium, which had given loans to Kingfisher Airlines, will soon have a review meeting and may discuss the reserve price as well, sources said.<\/p>\n
The online auction was held by SBICAPS Trustee, a subsidiary of SBI Caps.<\/p>\n
Lenders had taken over Kingfisher House in February last year in a bid to recover part of their dues totalling over Rs 9,000 crore, which includes unpaid loans and accrued interest.<\/p>\n
The auction was conducted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002.<\/p>\n","protected":false},"excerpt":{"rendered":"
Auction of Kingfisher House proved to be a flop show Thursday with no bids coming in, presumably due to litigation fears and a high reserve price of Rs 150 crore \u2014 dealing a blow to lenders’ efforts to recover their loans. Auction of once headquarters of Vijay Mallya’s defunct airline, with a built-up area of over 17,000 sq ft in Vile Parle area near domestic airport here, started at 11:30 am and ended in about an hour with no success. “There were no bidders. I think the higher reserve price was the reason for it,” said an official involved with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-59654","post","type-post","status-publish","format-standard","hentry","category-civil-aviation"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/59654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=59654"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/59654\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=59654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=59654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=59654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}