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SBI puts its entire Essar Steel loan exposure on sale

Steel News - Published on Thu, 17 Jan 2019

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State Bank of India has put on sale its total loans to Essar Steel Ltd to financial institutions, including asset reconstruction companies. worth INR 15,431 crore. The minimum reserve price for the loans has been set at INR 9,587 crore. The auction notice of SBI read “The resolution plan has been approved and filed in NCLT, Ahmedabad. As per the approved resolution plan of ArcelorMittal India Private Limited, minimum recovery to SBI is INR 11,313.42 crores. Reserve price of INR 9,587.64 crore is on the basis of NPV of minimum recovery discounted @18% with a time factor of 1 year. The interested ARCs/ Banks/ NBFCs/ FIs can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure agreement with the bank.”

The sale of the NPA account is to happen through e-auction on January 30.

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) will pronounce its order before January 31 on the maintainability of the petition filed by the Essar promoters to settle dues.

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Posted By : Ratan Singh on Thu, 17 Jan 2019
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