Vijay Mallya Airplane

Mallya, who left the country earlier this year, is also facing action after defaulting on over Rs 9,000 crore of loans from 17 banks.

The Bombay High Court today allowed a company, which had claimed to have won the auction for the fugitive industrialist Vijay Mallya's luxury jet for Rs 27.39 crore, to withdraw its bid paving the way for a fresh auction.

Having failed to get a good valuation in the first attempt to auction beleaguered businessman Vijay Mallya's personal luxury plane last week, the Service Tax Department is gearing up for a second attempt with a lower reserve price for bidders.

Waiting to be auctioned off by tax authorities for recovery of their dues, beleaguered businessman Vijay Mallya's private luxury jet is reminiscent of his high-flying days - interspersed with plush sofas, a cushioned bed, bars, showers and even a bathrobe.

One of the world's largest leasing firms has warned India the failure of troubled carriers like Kingfisher Airlines to return airplanes when they cannot pay their bills could put the country's aviation growth at risk by scaring away new funding.

Mallya, who left the country earlier this year, is also facing action after defaulting on over Rs 9,000 crore of loans from 17 banks.

The Bombay High Court today allowed a company, which had claimed to have won the auction for the fugitive industrialist Vijay Mallya's luxury jet for Rs 27.39 crore, to withdraw its bid paving the way for a fresh auction.

Having failed to get a good valuation in the first attempt to auction beleaguered businessman Vijay Mallya's personal luxury plane last week, the Service Tax Department is gearing up for a second attempt with a lower reserve price for bidders.

Waiting to be auctioned off by tax authorities for recovery of their dues, beleaguered businessman Vijay Mallya's private luxury jet is reminiscent of his high-flying days - interspersed with plush sofas, a cushioned bed, bars, showers and even a bathrobe.

One of the world's largest leasing firms has warned India the failure of troubled carriers like Kingfisher Airlines to return airplanes when they cannot pay their bills could put the country's aviation growth at risk by scaring away new funding.