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Business News/ Industry / Banking/  IOB puts Kolkata-based Jai Balaji Industries' NPA account up for sale to recover 187 crore
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IOB puts Kolkata-based Jai Balaji Industries' NPA account up for sale to recover ₹187 crore

The Kolkata-based borrower Jai Balaji Industries, which is into steel business, has an outstanding of ₹187.10 crore to the bank
  • IOB said this is the first lot of NPA accounts to be sold during the ongoing quarter of the current financial year
  • The process of e-bidding is scheduled for November 18 (Photo: Pradeep Gaur/Mint)Premium
    The process of e-bidding is scheduled for November 18 (Photo: Pradeep Gaur/Mint)

    NEW DELHI : State-owned Indian Overseas Bank (IOB) has invited bids to sell one of its non-performing asset accounts in order to recover dues of over 187 crore.

    The Kolkata-based borrower Jai Balaji Industries Ltd, which is into steel business, has an outstanding of 187.10 crore to the bank.

    "IOB invites bids from (securitisation companies) SCs/(reconstruction companies) RCs/banks/NBFCs/(financial institutions) FIs for sale of non-performing assets as per the list during the third quarter of the financial year 2019-20," said the bank's stressed assets management department in a tender document.

    The bank said this is the first lot of non-performing asset accounts to be sold during the ongoing quarter of the current financial year.

    The auction, to be held under the Swiss Challenge method, will take place on a cash-plus-security receipt basis, it added.

    After submitting expression of interest and executing a non-disclosure agreement with the bank, the interested entities may conduct due diligence in two week, IOB said.

    The process of e-bidding is scheduled for November 18.

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    Published: 29 Oct 2019, 07:14 PM IST
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