Local Goa News

Monday, September 26, 2016

Potential bidders shown around Kingfisher Villa

PANAJI: A team of officials of the SBICAP (State Bank of India Capital Markets) Trustee Company Ltd, the subsidiary of State Bank of India (SBI), on Monday, commenced the exercise to auction Vijay Mallya’s residence – Kingfisher Villa, under high security.

The residence was introduced to the walk-in buyers by the team. As per the notice, the bidders can inspect the plush villa on September 26 and 27 and on October 5 and 6.
The auction of the property located at Candolim will be conducted on October 19, later this year.
The villa, owned by United Breweries Holdings (UBHL) was mortgaged as collateral for loans given to Kingfisher Airlines. The airline company, which has not flown since October 2012, owes around Rs 6,963 crore to a consortium of 17 bankers who have been trying to recover their money partly by selling securities pledged with them.
The team of SBICAP Trustee Company Ltd reached Goa early Monday morning, for a two-day inspection of the villa, in the first phase. The team described the procedure as a normal process before any auction of the property, where potential bidders with the support of bankers, inspect the same.
It may be recalled that last week, the 17-lender consortium led by State Bank of India had announced its plan to put the villa on a sale, at a reserve price of Rs 85.29 crore.
The property includes impressive private garden as well as ponds, swimming pools and a dance floor, besides pumping systems of swimming pools, air-conditioning ducting, electrical wiring and piping.

NT Network Goa News

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