Kingfisher House, headquarters of now inoperative Kingfisher Airlines Ltd in Mumbai was sold off by lenders to Hyderbad based Saturn Realtors for Rs. 52 crore.
According to The Indian Express, Saturn Realtors brought the house for one-third of its reserve price of Rs 135 crore. Located in the outskirts of Mumbai Airport, the house was originally priced at Rs.150 crore. Due to this unrealistic pricing, the property failed to attract buyers even after several times keeping the house for auction. The house was sold off by the debt recovery tribunal (DRT).
As reported by The Indian Express, the money received from the auction will go to the lenders who have already recovered Rs 7,250 crore through the auction of shares of fugitive businessman Vijay Mallya, former promoter of Kingfisher Airlines.
Vijay Mallya was declared fugitive in India in 2019. His company, Kingfisher Airlines owes Rs.10,000 crores to a consortium of banks led by the State Bank of India (SBI). In July, a British court granted a bankruptcy order against Mallya, following which the consortium of banks started pursuing a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines, MoneyControl reported.
The auction sale for the Kingfisher house began in 2016 at Rs. 150 crores.
