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PNB to auction 21 bad loan accounts to recover Rs 1,320 cr
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SME Times News Bureau | 14 Sep, 2018
State-run Punjab National Bank (PNB) has put 21 non-performing assets
(NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore
with the e-bidding auction process slated later this month.
PNB
said in a notification earlier this week that its Stressed Assets
Targeted Resolution Action (SASTRA) Division has put on sale these 21
accounts which cumulatively owe the bank Rs 1,320.19 crore.
"We
intend to place these accounts for sale to ARCs (asset reconstruction
companies) /NBFCs (non-banking finance companies)/other banks/FIs
(financial institutions) etc, on terms and conditions stipulated in the
bank's policy, in line with the regulatory guidelines," PNB said.
A
PNB spokesperson said on Thursday that "the submission of financial
bids will be only through e-auction which will take place on the bank's
portal on September 20."
The bank's NPA accounts up for sale
include Moser Baer Solar with outstanding of Rs 233.06 crore, Divine
Alloys & Power Co (Rs 200.87 crore), Divine Vidyut (Rs 132.66
crore), Chincholi Sugar & Bio Industries (Rs 114.42 crore), Arshiya
Northern FTWZ Ltd Rs (96.70 crore), Birla Surya (Rs 73.58 crore) Shri
Saikrupa Sugar & Allied Industries (Rs 63.35 crore) and Raja
Forgings & Gears Ltd (Rs 59.73 crore).
Among the other major
defaulters listed are Templeton Foods (Rs 53.17 crore), Rathi Ispat (Rs
45.48 crore) and Jain Overseas (Rs 33.41 crore).
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