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SBI to E-Auction 11 Accounts to Recover Dues

Coal News - Published on Wed, 23 Oct 2019

Image Source: indiatimes.com
The State Bank of India will conduct an e-auction of 11 bad loan accounts on November 7 to recover dues of INR 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 accounts to be auctioned include Bhatia Global Trading, which has an outstanding of INR 177.02 crore on the bank, Bhatia Coke & Energy Ltd (INR 104.15 crore), Bhatia Coal Washeries (INR 12.58 crore) and Asian Natural Resources (India) Ltd (INR 2.18 crore).

Maharashtra Steels Pvt Ltd (INR 40.51 crore), Anshul Steel Ltd (INR 37.70 crore) and Vidhata Metals (INR 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.

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Posted By : Rabi Wangkhem on Wed, 23 Oct 2019
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