Published on: 11/23/2015IST
More Trouble For Vijay Mallya, Lenders To Auction Kingfisher’s Movable Assets
Days after the State Bank of India declared liquor baron Vijay Mallya and his United Breweries Holdings as wilful defaulters, assets pledged by Mallya has been put for auction.
The online auction of Mallya's moveable assets with an estimated worth of Rs. 65 lakhs is scheduled for December 7. Mallya-owned airline has a debt of Rs 6,963 crore to various banks.
The items put on the auction list include auction include cars, tractors, forklifts, trolleys, pushback vans, aircraft pullers, cranes, shed ladders, fire extinguishers, generator sets, trolley with staircases.
The billionaire Rajya Sabha MP had launched his Kingfisher Airlines in 2005. In its prime, it went on to become India's second largest carrier, even though it never made any profit.
However, trouble started immediately and with the cash-flow draining out the company grounded its fleet in 2012. The bankers consortium had in February taken over the Kingfisher House in Mumbai worth around Rs 150 crore.
11/23/2015 | | Permalink