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SBI increases loan amount of Vijay Mallya again

SBI's arm SBICAP Trustee Company limited which is leading the consortium of banks to whom Vijay Mallya's Kingfisher owes money has once again done some magic. The loan figure was Rs 6.027 crore in a notice issued by the bank on May 19. However, a similar notice issued by the bank this time for the re-auction of Kingfisher house on Saturday brought back the figure to the original 6,963 crore. For the last one month, the bank hasn't been able to tell us whether it was a typo or some other mistake. The difference in the amount was a huge Rs 936 crore.

Vijay Mallya
Vijay Mallya

The same bank has put Vijay Mallya's once pride Kingfisher House, again up for auction. The bank has even lowered the reserve price. The auction for the same will be held on August 4, 2016 and the reserve price for the same is Rs 135 crore, earlier amount was Rs 150 crore for the nearly 17,000 square foot building. The bank had tried to auction the house on March 17, but then no one turned up. It was an e-auction, the reserve price was that of Rs 150 crore.

The Earnest money deposit, which every bidder will have to pay by August 1 evening to participate in the bid is Rs 13.50 crore, which is 10 per cent of the total cost of the property. The property will be open for inspection on July 8, 15, 22, 29.

According to various reports, on January 31, 2014, Kingfisher Airlines owes banks Rs 6,963 crore. All the banks have classified the loan accounts as non-performing accounts. SBI has the highest amount of of Rs 1,600 crore. The other banks whom the company owes money as per reports are Punjab National Bank and IDBI Bank around Rs 800 crore each.

Apparently, the loan amount from Bank of India is Rs 650 crore and from Bank of Baroda it is Rs 550 crore. Central Bank of India has given a loan of around Rs 410 crore. UCO Bank has to recover Rs 320 crore, while Corporation Bank has to recover Rs 310 crore. There are other banks like State Bank of Mysore, Indian Overseas Bank, Federal Bank, Punjab & Sind Bank and Axis Bank whom the company owes money.

Queries to the bank regarding the same got no response.

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