No takers for the King of Good Times!!
Attempts by a consortium of banks to recover Rs. 9,000 crore invested in Vijay Mallya’s Kingfisher Airlines failed to attract buyers as the auction held on April 20, 2016, ended without attracting any bidders at the reserve price. The auction apparently failed because of the high base price.
Kingfisher stopped flying in October 2012 for want of cash, leaving creditors, suppliers and employees unpaid and owed banks Rs 9,091 crore ($1.4 billion Approx.). But, now comes the latest twist on an ongoing problem of Vijay Mallya’s Debt recovery and Financial Dispute when the banks realised that they couldn’t recover much from the assets pledged by Mallya. Interestingly, Indian Banks decided to take possession of nine trademarks to recover debt from Mallya and other defaulters.
SBICAP Trustee Company Limited (SBICTCL) a subsidiary of SBI Capital Markets Limited and a Debenture Trustee registered with Securities Exchange Board of India (SEBI) recently on March 10, 2016 disclosed in a notice that the trademarks and brands seized were covered by an assignment deed dated March 18, 2011 that Kingfisher Airlines Ltd – with United Breweries (Holdings) Ltd and Vijay Mallya acting as guarantors – had signed with the banks.
The following are the list of trademarks of Kingfisher Airlines that was auctioned on April 30 –
Sl. No | Application No | Class | Brands/Trademarks | Status |
1. | 1300950 | 16, 25, 39 | Flying Models (word mark) | Registered & valid up to 06.08.2024 |
2. | 1300951 |
16, 39 |
Fly the Good Times (word mark) | Registered & valid up to 06.08.2024 |
3. |
1300952 |
16, 39 |
Funliner | Registered & valid up to 06.08.2024 |
4. |
1318243 |
39, 42 |
Kingfisher (Label Mark) | Registered & valid up to 01.11.2024 |
5. |
1319150 |
39 |
Flying Bird Device | Registered & valid up to 05.11.2024 |
6. |
1519887 | 39 | Fly Kingfisher (Label) | Registered & valid up to 10.01.2017 |
7. |
1519888 | 39 | Fly Kingfisher (world) | Registered & valid up to 10.01.2017 |
8. |
1519889 | 39 | Fly Kingfisher (world) | Registered & valid up to 10.01.2017 |
9. |
1519890 | 39 | Fly Kingfisher (Label) | Registered & valid up to 10.01.2017 |