The lenders, led by State Bank of India (NSEI:SBIN) reportedly are likely to auction Kingfisher Villa at a reserved price of INR 850 million on October 19, 2016. SBICAP Trustee Company Ltd. has been appointed by banks to conduct the auction. The property will be available for inspection on September 26-27, 2016 and October 5-6, 2016.

Lenders were able to take possession of the Villa in May, 2016 after a long legal battle with United Spirits which had claimed tenancy rights over the property. The Villa, owned by United Breweries (Holdings) Limited (BSE:507458) was mortgaged by Kingfisher Airlines Limited to SBI-led 17-bank consortium to obtain loans in 2010. Lenders to the airlines and tax authorities had put under hammer various movable and immovable assets of the KFA for a second time, but failed to get any buyers.