The country’s largest lender, SBI, has put up a dozen non-performing assets (NPAs) for sale to recover loan rights of more than Rs 820 crore, according to the bank’s notices.
In terms of the bank’s policy regarding the sale of financial assets, in line with regulatory guidelines, SBI said it has put these accounts for sale to asset reconstruction companies (ARCs)/banks/Non-Banking Financial Companies (NBFCs). /financial institutions (FIs), under the conditions specified there.
See Zee Business Live TV streaming below:
In several announcements on its website, State Bank of India (SBI) has put up for sale a total of 12 bad assets during this month until April 13.
NPA account Topworth Urja & Metals Ltd, with an outstanding loan of Rs 396.74 crore, will be sold in an e-auction to be held on March 29, 2022. With a reserve price set at Rs 85 crore, SBI said the NPA account will be sold at a cash-to-cash-cum-SR ratio of 50:50.
“A bid with the highest cash component is considered a successful bid,” reads a message.
Another account, Balasore Alloys with dues of Rs 186.10 crore (reserve price Rs 178.22 crore) will also be auctioned on March 29.
“In the event that the offer exceeds the total dues at the date of allotment, plus any outstanding non-fund-based facilities, the bank reserves the right to hold such a higher amount as a premium on its books and is not obligated to refund to any of the parties involved, including the borrower,” it added to Balasore Alloys.
On March 30, the bank will hold e-auction of as many as six accounts with a total outstanding amount of Rs 112.05 crore.
These accounts are: Anupam Industries with an outstanding amount of Rs 46.38 crore; Clutch Car (Rs 26.14 crore); Kingston Paptech Pvt Ltd (Rs 17.15 crore); Sambhav EXIM (Rs 11.39 crore); Vraj Cotspin Pvt Ltd (Rs 8.06 crore) and Ghantakarna Enterprise (Rs 2.93 crore).
The loan rights to Anupam Industries do not include BG (bank guarantee) outstanding of Rs 4.74 crore, SBI said.
The country’s largest lender is set to auction the remainder of four NPA accounts on April 13, with a total dues of Rs 125.32 crore.
These NPA accounts are: Anamika Conductors with an outstanding loan of Rs 102.30 crore; Madhav Cotton Einning & Pressing Factory (Rs 16.80 crore); To Kailash Cotton (Rs 5.23 crore) and Ajanta Ellora Estates (Rs 0.99 crore).
“The interested ARCs/banks/NBFCs/FIs can conduct due diligence on these assets with immediate effect, after submitting expressions of interest and executing a nondisclosure agreement with the bank,” said SBI.
This post SBI Line Up 12 NPA Accounts For Sale To Asset Reconstruction Firms For Dues Over Rs 820 cr . to recover
was original published at “https://www.zeebiz.com/companies/news-sbi-lines-up-12-npa-accounts-for-sale-to-asset-reconstruction-companies-to-recover-dues-of-over-rs-820-cr-181184”
