SBI lines-up these NPA accounts for sale to recover dues worth over ₹820 crore
Premium- SBI has lined-up a dozen non-performing assets on sale to recover loan dues worth over ₹820 crore, as per the bank's notifications
The State Bank of India (SBI) has lined-up a dozen non-performing assets (NPAs) on sale to recover loan dues worth over ₹820 crore, as per the bank's notifications. The bank notified that, in terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, SBI said it has placed these accounts for sale to asset reconstruction companies (ARCs)/banks/Non-Banking Financial Companies (NBFCs)/financial institutions (FIs), on the terms and conditions indicated there against.
Additionally, SBI has put up a total of "12 bad assets for sale during this month to April 13. NPA account Topworth Urja and Metals Ltd, with a loan outstanding of ₹396.74 crore is to be sold in an e-auction to be held on March 29, 2022. With reserve price fixed at ₹85 crore, SBI said the NPA account will be sold on a cash/cash-cum-SR ratio of 50:50."
The notice further said, "bid with highest cash component shall be considered as successful bid. Another account, Balasore Alloys with dues of ₹186.10 crore (reserve price ₹178.22 crore) will also be e-auctioned on March 29."
For Balasore Alloys, the bank noted, "in case the bid is higher than the total dues as on date of assignment, plus outstanding non-fund based facilities, the bank reserves its right to retain such higher amount as a premium in its books and is not under any obligation to refund to any of the parties concerned including the borrower."
On March 30, the bank will conduct e-auction of as many as six accounts with a total outstanding of ₹112.05 crore. These accounts are, "Anupam Industries with outstanding of ₹46.38 crore; Clutch Auto ( ₹26.14 crore); Kingston Paptech Pvt Ltd ( ₹17.15 crore); Sambhav EXIM ( ₹11.39 crore); Vraj Cotspin Pvt Ltd ( ₹8.06 crore) and Ghantakarna Enterprise ( ₹2.93 crore)."
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SBI further said, the loan dues on Anupam Industries is excluding BG (bank guarantee) outstanding of ₹4.74 crore. "The interested ARCs/banks/NBFCs/FIs can conduct due diligence of these assets with immediate effect, after submitting expressions of interest and executing a non-disclosure agreement with the bank," the bank said.
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