PNB to auction 21 bad loan accounts to recover Rs 1,320 cr
Thursday - September 13, 2018 9:26 pm ,
Category : BUSINESS
PNB to auction 21 bad loan accounts to recover Rs 1,320 cr
New Delhi Sep 13 (IANS) 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).
--IANS bc/prs
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).
--IANS bc/prs
