The brands and trademarks of the Kingfisher Airlines did not have any takers even for its tagline ‘Fly The Goodtimes’ that was very popular once in an auction that was conducted by banks on Saturday. The lenders had given loans for Vijay Mallya using these trademarks as the collateral for the loans and no taker is ready to take them in the auction leaving the lenders in a helpless situation.
A consortium of 17 banks was seeking to recover money payable from the liquor baron’s now defunct Kingfisher Airlines of Vijay Mallya.
Last month, the banks consortium had failed in the attempt to sell the erstwhile headquarter of the airlines Kingfisher House.
The trademark’s reserve price was fixed at Rs 366.70 crore that was not even a tenth of the cost at which it was pledged along with as a collateral for the loan. Apart from the logo, 17 lenders led by the State Bank of India put the other trademarks of Kingfisher Airlines on sale. The trademarks include Fly Kingfisher, Funliner, Flying Bird Device, and Flying Models.
The brand name Kingfisher was collateralized to the banks for a high cost of Rs 4,000 crore in 2010 by Grant Thornton. The online auction of Kingfisher brand was held by SBI Cap Trustee Company under the SARFAESI Act on the behalf of lender.
Vijay Mallya had pledged these trademarks as collateral with the banks while taking loans from the banks. When the Kingfisher Airlines was at its peak as the biggest airline in India, it had a five-star rating from Skytrax, stated the annual report of the airline of the fiscal year 2012-13.
Vijay Mallya had left the country on March 2 and went to London. Earlier this week, the Indian government asked Britain to expel Mallya mentioning the revocation of his passport. Also, the government has issued a non-bailable warrant against Vijay Mallya.
