The SBICAP Trustee Company Ltd, after failing to sell the embattled business tycoon Vijay Mallya's Kingfisher House is soon going to auction eight cars he and his company which he once owned. The auction will be held on August 25 for cars that will fetch the bank Rs 13.70 lakhs out of the Rs 6,963 crore he owes the bank. The cars will be available for inspection on July 29 and August 5. The last day for registering a bidding spot at the auction is August 23 and registration charges are Rs 2,000. To participate in the bidding of the cars, which are currently parked at Kingfisher House’s backyard, the bidders will have to deposit 10 per cent of the price quoted for every vehicle.

 

The sale will be directed by SBICAP Trustee Company Ltd in relationship with Income Tax, and Service Tax division. The trustee organization has, before this, had a go at offering the Kingfisher House by diminishing its cost from Rs. 150 crore to Rs. 135 crore, yet at the same time found no takers. As of January 31, 2014, Vijay Mallya’s Kingfisher Airlines owed banks a staggering Rs 6,963 crore. Several reports claim that SBI is owed the highest amount of Rs 1,600 crore.