A consortium of banks are trying to auction Vijay Mallya's properties to recover the dues he owes.
Goa's plush Kingfisher Villa, where liquor baron Vijay Mallya hosted glitzy parties in past, failed to attract a single bidder at an e-auction today. The auction was held by a consortium of 17 banks led by the SBI, which had taken over the villa after the businessman failed to return the Rs 9,000 crore he owes them.
Mr Mallya - who left the country in March and is currently in Britain - has defied several court orders to return to India.
Though the villa was put under hammer for the first time, it was yet another attempt by the lenders to recover the dues that ended in failure.
The 12,350 sq meter sea-facing palatial villa, situated in Candolim, was once used by Mr Mallya to host lavish parties. There were reports that a number of players in the hospitality industry and a media group had shown interest when it was opened for bidders' inspection at end-September and early October.
But the auction turned out a damp squib, supposedly due to its high reserve price at Rs 85.3 crore.
The Villa was owned by United Breweries Holdings and mortgaged by Kingfisher Airlines to the consortium of banks to obtain loans in 2010. The 17-lender consortium took possession of the property in May after a long legal battle over tenancy rights.
It is among many movable and immovable properties which the lenders have been trying to auction.
In August, they tried to sell the airline's erstwhile headquarters, Kingfisher House, near Mumbai airport, cars, Mr Mallya's plush personal jet and numerous brands and trademarks, including the famed 'Fly with Good Times'.
Most of these were put on auction for a second time, with a lower reserve price. From Rs 150 crore, the reserve price of Kingfisher House - the plush 17,000 sq ft property in Mumbai's posh Ville Parle - was cut down to Rs 135 crore.