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SBI to e-auction 11 bad loan accounts to recover Rs 467 crore

The bank said the financial assets were showcased on October 12 and the e-auction will take place on November 7.

twitter-logo PTI   New Delhi     Last Updated: October 20, 2019  | 15:46 IST
SBI to e-auction 11 bad loan accounts to recover Rs 467 crore
SBI to e-auction 11 accounts

The State Bank of India (SBI) will conduct an e-auction of 11 bad loan accounts on November 7 to recover dues of Rs 466.49 crore. In terms of the bank's revised policy on sale of financial assets, in line with the regulatory guidelines, the bank will place 11 accounts for sale to ARCs/banks/NBFCs and FIs, SBI said in an auction notice.

The bank said the financial assets were showcased on October 12 and the e-auction will take place on November 7.

The major non-performing asset (NPA) accounts to be auctioned include Bhatia Global Trading (BGTL), which has an outstanding of Rs 177.02 crore on the bank, Bhatia Coke & Energy Ltd (Rs 104.15 crore), Bhatia Coal Washeries (Rs 12.58 crore) and Asian Natural Resources (India) Ltd (Rs 2.18 crore).

Maharastra Steels Pvt Ltd (Rs 40.51 crore), Anshul Steel Ltd (Rs 37.70 crore) and Vidhata Metals (Rs 36.98 crore) are the other accounts to be auctioned.

The auction for the accounts will be held under the 'Swiss Challenge Method', based on an existing offer in hand, who will have the right to match the highest bid, it added.

The interested banks/ARCs/ NBFCs/FIs can conduct due diligence of these assets with immediate effect after submitting expression of interest and executing a Non-Disclosure Agreement (NDA) with the bank, SBI said.

Also read: SBI launches contactless mobile payment facility for credit card holders

Also read: Alert! Bank unions plan strike on October 22; operations to be hit

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