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Vijay Mallya: Troubled times for King of good times!

<p>In October 2012, Kingfisher Airlines had to be grounded in October 2012 due to a severe financial crunch. Ever since Mallya&rsquo;s woes have only worsened. Here&rsquo;s a look</p>

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The latest development is that Mumbai International Airport Private Limited (MIAL) has auctioned one of Mallya’s prized possessions, an 11-seater jet, which is now being taken apart for scrap. The jet, which was once a sign of Mallya’s prosperity, was auctioned for Rs 22 lakh as part of MIAL’s bid to recover airport dues accumulated by the now-defunct Kingfisher Airlines.

In October 2012, a court in Hyderabad issued a non-bailable arrest warrant against Mallya, and four others for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges. Four cheques totalling Rs.10.5 crore were issued to GHIAL, which operates Rajiv Gandhi International Airport. But, they were dishonoured when presented for clearance.

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