lenders To Revalue Kingfisher house, hope To promote It quickly: report

Lenders To Revalue Kingfisher House, Hope To Sell It Shortly: Report
Mumbai: Having failed once to sell the Kingfisher house for recovering their loans, banks have started a fresh valuation process for auctioning the headquarters of the Vijay Mallya’s lengthy defunct Kingfisher airlines.

“A revaluation process has begun and may be over via the next week. The assets will put on the block again at the earliest,” a source stated.

The Kingfisher house has a built-up vicinity of over 17,000 squareft and is positioned in plush Vile Parle vicinity close to domestic airport right here.

In March, the 17-banks consortium, led through nation bank of India, had tried to promote the belongings in a bid to get better a part of their dues, which have run up to over Rs 9,000 crore.

The auction became a flop display as no bidders got here ahead, citing high reserve price which became pegged at Rs a hundred and fifty crore for the March 17 auction.

The creditors had taken over the Kingfisher residence in February, 2015 after a protracted court docket battle below the Securitisation and Reconstruction of monetary property and Enforcement of safety interest (SARFAESI) Act.

closing week, the lenders had attempted to auction the airline’s manufacturers and logos however it additionally grew to become out to be a damp squib as bidders, in this case too, determined the reserve rate of Rs 366.70 crore very high.

The creditors had placed on sale the emblem Kingfisher, inclusive of the trademarks which include famed tagline Fly the best times, the Kingfisher logo, Flying fashions, Funliner, Fly Kingfisher and Flying bird device.

The brand Kingfisher became worth over Rs four,000 crore by means of provide Thornton while the service become at its height being the largest and the toniest, and became pledged with the lenders in 2011, as collateral for additional loans.

The lenders may review the reserve charge of the brand Kingfisher.

referring to his in advance offer to pay around Rs four,000 crore to settle dues that which turned into rejected, Mallya in advance this week tweeted: “Agree Kingfisher Air owes cash to Banks.

i am neither a borrower or a judgement debtor. Why am I a defaulter regardless of a settlement provide?”

He additionally stated: “In all humility and no longer in defiance as they record, I would like Indian media to check and verify information before calling me a defaulter.”