Kingfisher House auction fails again

The auction of Kingfisher House proved a damp squib yet again on Thursday as no bidder turned up for the erstwhile headquarters of Vijay Mallya-led group's long- grounded airline at a reduced reserve price of 135 crore rupees. 

Bankers said they may have to further lower the reserve price. The 17-bank consortium, led by State Bank of India, have been trying to sell this



property as part of their efforts to recover dues totalling over 9,000 crore rupees from Kingfisher Airlines and had reduced the the reserve price by 10 per cent for the latest auction conducted yesterday.

Besides Kingfisher House, lenders have also separately put up for sale some of the movable secured assets worth 13.70 lakh rupees lying at this office property.