The Kingfisher villa is among many movable and immovable properties under the lenders’ possession, which they are trying to auction as a part to recover Rs 9,000 crore from Vijay Mallya. However, the auction turned out to be a damp squib, supposedly due to its high reserve price of Rs 85.3 crore, people familiar with the matter said. “None of the bidders came forward, so the auction of Kingfisher Villa failed. Higher reserve price could be the reason,” a person familiar with the matter said. Most of these assets were put on auction for a second time, and with a lower reserve price.

Source: Mint October 19, 2016 13:52 UTC