King of good times' 10 cars up for grabs

Mumbai: Ten cars owned by beleaguered businessman Vijay Mallya’s defunct Kingfisher Airlines are up for sale in an auction for a meagre amount of around Rs 16 lakh. The vehicles, which are parked at the Kingfisher House in Vile Parle are to be auctioned on December 5.

The auction is being held by SBICAP Trustees, the merchant banking arm of the State Bank of India, who had earlier in July tried to sell eight cars owned by the company.

Mallya, who is said to be in London, allegedly owes about Rs 7,000 crore to various banks, with the highest debt being that of SBI. The SBI had earlier this year tried to sell the business tycoon's Kingfisher House, but had failed to get takers for the same. The SBICAP Trustee on Friday put out a public notice inviting bidders to participate in the e-auction for 10 cars, including a Toyota Innova, Toyota Corolla, four Honda City, Hyundai Elantra, Honda Civic, Toyota Camry, Hyundai Zip Drive. The Trust is selling all the vehicles for a total cost of Rs 15.725 lakh.

RLN Rao, head of Legal Compliance, SBICAP Trustee, confirmed the notice. “We have put out the notice to sell 10 vehicles owned by Kingfisher Airlines,” he said.

Those interested in the bid have to deposit 10 per cent of the total amount of the reserve price of each vehicle. The e-auction will open on January 5, 2017 at 11.30 am and the interested parties will also get to inspect the cars before the bid opens.

Price List:
Toyota Innova: Rs 2.12 lakh
Honda City ZX: Rs 1.7 lakh
Honda City Exi: Rs1.7 lakh
Honda City ZX: Rs 1.27 lakh
Honda City EXI: Rs 85,000
Toyota Camry: Rs 2.8 lakh
Honda Civic: Rs 1.53 lakh
Toyota Corolla: Rs 1.87 lakh
Hyundai Elantra: Rs 1.10 lakh
Hyundai Zip Drive: Rs 76,000