In October, when the villa was put under hammer for the first time, the reserve price was kept at Rs 85.29 crore. It failed as bidders found the reserve price too high.
The villa was once used by Mallya to host lavish parties.
The lenders took physical possession of the property in May this year after a long legal battle with United Spirits over tenancy rights. The villa was owned by United Breweries Holdings and mortgaged by the now-grounded Kingfisher Airlines to the consortium of banks to obtain loans in 2010.
In the third failed auction of Kingfisher House, the erstwhile headquarters of the defunct airline, on Monday, the lenders had reduced the reserve price by 15 per cent to Rs 115 crore.
The prime property has a built-up area of over 17,000 sq ft and is located in the plush Vile Parle area near the domestic terminal here.
Mallya owes over Rs 9,000 crore to lenders like SBI, PNB, IDBI Bank, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others.
This includes a little over Rs 6,000 crore in principal amount and the rest in accrued interests and penalties. Mallya had left the country on March 3 this year and is currently said to be in Britain.
Last month, CBI had initiated extradition request to bring him back from Britain through a special court in Mumbai.
The investigative agency secured a non-bailable warrant against Mallya, following it up with an extradition request from the special court to competent authorities in Britain.
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(Sourced from agencies, feature image courtesy:oneindia.com)
