SBI Cap Trustee has began the process to auction Vijay Mallya's Kingfisher Villa. SBI Cap is the subsidiary of State Bank of India (SBI).
The auction of the property is located at Candolim which is in North Goa. The villa was earlier used Mallya to conduct lavish parties.
The bidders should make their own enquiries regarding ownership, encumbrances, charges or statutory dues such as taxes etc., with respect to the property. The bidders must also independently enquire with the appropriate authorities with respect to ownership and registration of the property, the SBICap mentioned.
As per the terms, all movable assets inside the premises of the villa are not included in the e-auction. Bidders were allowed to inspect the villa during September 26-27 and October 5-6.
"The e-auction will be of the immovable property of the villa with structures and buildings and will include pumping systems of swimming pools, AC ductings, electrical wiring and piping," says a public notice issued by SBI Cap Trustee.
Along with interest and penalties, he owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others, reports PTI.
The Kingfisher Villa is owned by United Breweries Holdings and was mortgaged by the now-grounded Kingfisher Airlines to SBI-led 17-bank consortium to obtain loans in 2010, PTI added.