Kingfisher House, the former headquarters of the now-defunct Kingfisher Airlines Ltd. in Mumbai, which was founded by fugitive tycoon Vijay Mallya, has been sold for Rs. 52.25 crore to Hyderabad-based Saturn Realtors, less than one-third of its reserve price of Rs. 135 crore.
Kingfisher House, located near Mumbai's Chhatrapati Shivaji Maharaj International Airport in Santacruz, had failed to find a buyer for the eighth time during an auction in November 2019. The property was first estimated to be worth Rs 150 crore. It was sold by Debts Recovery Tribunal (DRT).
The proceeds from the sale would be distributed to lenders who have already recovered Rs 7,250 crore from the sale of shares of fugitive businessman Vijay Mallya, the erstwhile proprietor of Kingfisher Airlines. The transaction was executed on 29 July and registered the next day. Also, the buyer had paid the entire consideration for the property in March itself. The recovery will add to the Rs. 7,250 crore that lenders have already got back from the defunct airline that owed a consortium of 17 lenders led by State Bank of India Rs.9,900 crore.
Kingfisher Airlines owes a consortium of Indian banks led by the State Bank of India roughly Rs. 10,000 crore (SBI).
Mallya is facing extradition proceedings in the UK and was declared a fugitive economic offender in India in 2019 where A British Court granted a bankruptcy order against Vijay Mallya and thereby paved the road for a syndicate of Indian lenders led by the State Bank of India to seek repayment of amounts owed by the now-defunct Kingfisher Airlines through a worldwide freezing order.
Chief Insolvencies and Companies Court(ICC) judge, Michael Briggs stated “ I adjudicate Dr. Mallya bankrupt” in his ruling during a virtual hearing of the Chancery Division of the High Court. He still remains on bail in the UK while simultaneously a confidential matter with respect to an asylum application in connection with the extradition process.
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