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Vijay Mallya's Mumbai house to be auctioned today

by IBNS 16 Mar 2016, 09:56 pm

Mumbai, Mar 17 (IBNS) King fisher House,liquor baron Vijay Mallya's flagship property in Mumbai's Andheri,is being auctioned online on Thursday, reports said.

The base price for the property  has been pegged at  Rs. 150 crore.

The e-auction is being conducted by an arm of the State Bank as part of the drive to  recover at least a billion dollars loaned to  Mallya's grounded Kingfisher Airlines.

 Mallya is under pressure to repay over Rs. 6,000 crore loaned to Kingfisher Airlines, which stopped operating in 2013.

 Some banks, including the state-owned State Bank and the United Bank of India, have declared  Mallya a wilful defaulter.

The banks had asked the Supreme Court to stop  Mallya from travelling abroad but the government told the court that he had left the country on March 2.