Eight Kingfisher cars up for auction on Monday

Eight cars belonging to Vijay Mallya's Kingfisher Airlines will go on the block on 25 August as lenders struggle to recover a fraction of the nearly Rs9,000 crore the defunct airline owes them, media reports said.

SBICAP Trustee, an investment banking arm of the State Bank of India, will auction these cars. The reserve price has been set at Rs14 lakh.

To participate, bidders will need to deposit 10 per cent of the price quoted for each vehicle, a Mid-day report said. The last day to register is 23 August and registration charges are Rs2,000, it added. Interested parties can go and check out the cars, currently parked in the Kingfisher House backyard, on 29 July and 5 August, when they will be up for inspection.

 The auction will be held by SBICAP Trustee Company along with the Income Tax department and the Service Tax department.

The cars that will go under the hammer are: a Toyota Innova, a Toyota Corolla, a Honda City ZX, a Honda City EXI, a Honda Civic, a Hyundai Elantra, and a Hyundai Zip Drive.

Previously, Kingfisher's lenders have tried to sell Kingfisher House and all the company's taglines and logos, but in vain, as no takers turned up.