19 October,2016 09:53 AM IST | | Agencies
The 17-lender consortium led by State Bank of India will auction the Kingfisher Villa, the sea-facing plush property once-owned by the beleaguered Vijay Mallya in Goa
Vijay Mallya
The 17-lender consortium led by State Bank of India will auction the Kingfisher Villa, the sea-facing plush property once-owned by the beleaguered Vijay Mallya in Goa.
The reserve price for the property, which once was used to host lavish parties, has been set at Rs 85.29 crore. Lenders had taken the possession of the villa in May this year after a protracted legal battle with United Spirits over tenancy rights.
The villa was owned by United Breweries Holdings, one of the Mallya group companies and was mortgaged by the now-grounded Kingfisher Airlines to the consortium of banks to obtain loans in 2010.
