Vijay Mallya Kingfisher House: The fugitive businessman Vijay Mallya, who was absconding with the banks’ money, was also declared bankrupt by the High Court of Britain. Despite all this, Vijay Mallya’s Kingfisher House located in Mumbai has also been sold. This Kingfisher House was also once the headquarters of Mallya’s Kingfisher Airlines. The Debt Recovery Tribunal has now sold it for Rs 52.25 crore in its 9th attempt.
Vijay Mallya Kingfisher House Sold
Kingfisher House is located in the Santa Cruz area of Mumbai, next to the Mumbai International Airport. It has been sold for almost a third of the founder’s reserve price of Rs 135 crore. It has been informed that the actual cost of this Kingfisher House was around Rs 150 crore. Earlier, an attempt was made to sell it for the eighth time in 2019. But even then, it did not find any buyer.
Now Kingfisher House has been sold for Rs 52.25 crore in the 9th attempt. It has also been told that the money received from selling this house of Vijay Mallya will be given to the banks from which Mallya had taken a loan.
Let us tell you that a UK court has recently issued an order to declare Vijay Mallya bankrupt. This has paved the way for a consortium of Indian banks led by the State Bank of India (SBI) to confiscate assets of the defunct airline Kingfisher to recover its outstanding loans.
Judge Michael Briggs, Chief of the Court of Insolvency and Bankruptcy and Company Affairs Court (ICC) of the Supreme Court Division of the High Court of London, said in his decision during the online hearing of the case, ‘I declare Dr Mallya insolvent.’ Referring to the arguments of the defence, the judge said, “I have to decide whether there is a possibility of repaying the loans of the petitioners within a reasonable time…. There is insufficient evidence that they will repay the entire loan within a reasonable period.”