Vijay Mallya Fights to Retain Goa Villa, Mumbai Office
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MUMBAI: Kingfisher Airlines is fighting to retain possession of its company workplace in Mumbai and Vijay Mallya's luxury villa in Goa that lenders are threatening to place on the block to recover overdue loans from the troubled airline.
These 2 non-core assets have return into focus following a gathering of 17 lenders, whom Kingfisher owes around Rs 7,000 Crore. Bankers said that HDFC has been appointed to conduct a valuation of those 2 properties. The two-storied company workplace is near the domestic air terminal, whereas the sprawling Kingfisher Villa is next to Fort Aguada in north Goa.
"Kingfisher House has been lying vacant when the workers moved to our new offices at The Qube in Mumbai, and at that point itself, on our own accord, we have a tendency to approached the banks with a proposal to liquidate this unutilized asset and, at today's meeting, we have a tendency to raised the problem of this pending approval," said a Kingfisher spokesperson in an emailed statement.
However, a subsequent SMS said that Kingfisher has approached the consortium to get rid of KF Villa Goa and KF House Mumbai from the protection package against payment of full worth assigned to those assets. It added that the banks had not asked the airline to liquidate any asset.
The pooled collateral with lenders as of November 2011 included assignment of the Kingfisher complete, valued at Rs 4,111 Crore (according to an April 2010 Grant Thornton report), Kingfisher House in Mumbai that was valued at Rs 81.6 Crore, Kingfisher Villa Goa valued at Rs 36 Crore and hypothecation of 2 helicopters valued at Rs 90.22 Crore. Besides these, there are different securities that embody guarantees from United Breweries and Vijay Mallya.
In Thursday's meeting with the lenders, Kingfisher officers spoke regarding the probability of foreign direct investment being allowed in aviation, that it said would pave the means for bringing in foreign investors into the airline. However lenders said there was no new viable proposal from the management. At a similar time, bankers said that they weren't keen on effecting recovery proceedings as this might bring operations to a halt that is why the main target is currently on 'non-core' assets. Though lenders do have securities from the liquor business, it's not enough to hide the complete debt.
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