The base price for the property was set at Rs 150 crore (Rs 1.5 billion).
Kingfisher House is one of the prime real estates of the airline.
The auction of Kingfisher House, which has a built-up area of over 17,000 sq ft and is located in the plush Vile Parle area, is scheduled to begin at 1100 hrs on August 4
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
The Kingfisher House has a built-up area of over 17,000 sq ft and is located in plush Vile Parle area near domestic airport in Mumbai.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
The 17-lender consortium led by State Bank of India has also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the block.
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
The airlines had pledged the trademarks as collateral with banks at the time of taking loans from them
Buyer actor-producer Sachiin Joshi, who owns Viiking Media, has reportedly bought the villa, spread over 12,350 sq ft or three acre at Candolim.
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The consortium led by SBI has also initiated the process of recovery.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
UAE-based aviation support company Alna Aero Distributional Finance Holdings offered only Rs 1.09 crore.
Price has been fixed at Rs 85.3cr
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The company had reported a net loss of Rs 650.78 crore (Rs 6.5 billion) in the same period a year-ago, Kingfisher Airlines said in a filing to the Bombay Stock Exchange.
The trademarks/brands on the block include Fly Kingfisher, Flying Models, Funliner, Fly the Good Times, Kingfisher and Flying Bird Device.
The lenders have not ruled out selling the property to recover part of their loans to the company.
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
The assets mentioned in the Sebi order are already in possession of the ED for violation of an anti-money laundering law by Mallya and PMLA overrides all other laws, providing ED first right over the assets.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
A Special Court for Economic Offences has ordered summons to be issued against him over dues from his Kingfisher Airlines to the I-T Dept.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
Mallya will now be the Founder Emeritus of USL
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
Mallya has denied that he had fled India and said he would comply with laws.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
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