In a blow to lenders’ recovery efforts, the auction for Kingfisher House once headquarters of Vijay Mallya’s long-grounded airline turned out to be a damp squib with no bidders coming forward due to litigation fears and a high reserve price of Rs150 crore.
The 17-member consortium, led by SBI, will now meet on March 19 to discuss the future course of action to review the reasons including the reserve price for the failure of Thursday’s auction, sources said. The reserve price has widely been termed as too high for this property.