INSUBCONTINENT EXCLUSIVE:
The transaction was completed last Friday through an e-auction, following a Karnataka High Court order.Mumbai: After at least four aborted
attempts since March 2016, the service tax authorities managed to get a buyer for the confiscated luxury jet of the runway businessman Vijay
Mallya, with a Florida-based Aviation Management Sales emerging as the highest bidder for Rs 34.8 crore ($5.05 million) last Friday, a
The service tax authorities had put the luxury A319jet, which Mallya used to crisscross the world to solicit business deals, under the
hammer to recover their dues to the tune of Rs 800 crore accumulated on account of non-payment of service tax before his erstwhile
High Court order, the source said, adding the jet has been parked at a hangar of the Mumbai airport since its confiscation in 2013
conducted by the state-run auctioneer MSTC last Friday
The Florida-based firm Aviation Management Sales LLC quoted the highest bid of Rs 34.8 crore and won the bid," the source told PTI
March 2016 as part of their attempt to recover money from the beleaguered businessman Mallya, who is facing extradition from London now, a
lone bidder turned up and quoted a meagre Rs 1.09 crore, against the reserve price of Rs 152 crore
The department rejected the bid and then lowered the reserve price by 10 per cent
The plane was attached by the service tax department in December 2013, claiming tax dues of over Rs 800 crore from Kingfisher Airlines.The
service tax department was forced to sell the aircraft after the Mumbai airport operator MIAL moved the Bombay High Court seeking a
direction to the department citing heavy losses on account of the non-productive use of its space.The auction, in the past, had failed as
MSTC in March 2017.This January, the Bombay High Court had directed the official liquidator of the Karnataka High Court, who has been
incharge of the assets and books of Kingfisher Airlines, to take required steps to take away the plane as it is been occupying space at the
highly congested Mumbai airport all this while.
