Kingfisher Villa: Soon going, going, gone?

As new twists and turns surface in the Vijay Mallya scandal — the latest being the rejection of his resignation letter by the Rajya Sabha in favour of a disqualification — attention has shifted to the auction of the disgraced tycoon’s Goa property.

Attempts at auctioning the Kingfisher House in Mumbai and Kingfisher Airlines’ brands and trademarks have failed. Now the lenders are hoping that Kingfisher Villa will buck the trend.


Image courtesy: BCCL ( N NARASIMHA MURTHY, RAJTILAK NAIK)

Sources close to the process say that “very active steps are being taken” to attain possession of the property and that the lenders are positive about an outcome. “We are hopeful that we will get the possession of the property and that it will be a successful auction,” says an insider at one of the lending banks, who does not wish to be named.

The matter of the property, located on Candolim beach in north Goa, is currently pending with district collector Neela Mohanana, who is expected to decide this month if the property should go to the consortium of banks or to USL, who filed a petition to stop the auction stating that it has been a tenant since 2005 and therefore, has the first right to buy the property.

Kingfisher Villa, where Mallya often hosted flashy parties, is estimated to be worth Rs 90 crore. The property was part of the collateral pledged by United Breweries (Holdings) to the banks. Meanwhile, Kingfisher House and brands and trademarks of the Kingfisher Airlines will witness a continued auction process, till they find buyers, says a source in the know.