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Business News/ News / India/  SBI lines up auction of NPAs of 746 cr in October-November
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SBI lines up auction of NPAs of ₹746 cr in October-November

SBI will auction the NPAs to asset reconstruction companies (ARCs)/ financial institutions (FIs), banks or Non-Banking Financial Companies (NBFCs)

SBIPremium
SBI

The State Bank of India (SBI) has lined up number of non-performing assets up for sale this month and the next to recover over 746 crore.

Accounts of Sintex BAPL with an outstanding of 197.74 crore, Surat Hazira NH6 Tollway Pvt Ltd of exposure of 335.54 crore and Shreebhav Polyweaves Pvt Ltd ( 20.20 crore) will be included in the auction of NPAs.

SBI will auction the NPAs to asset reconstruction companies (ARCs)/ financial institutions (FIs), banks or Non-Banking Financial Companies (NBFCs). The auction is scheduled for 4 November.

SBI has said that for Sintex BAPL, only ARCs are eligible in the e-auction as it is a fraud account.

Bank guarantee of 6.10 crore is included in the outstanding of 197.74 crore. The company's business is manufacturing injection moulded plastic components for the automotive industry.

SBI said the proposed acquisition of these assets should not be funded and backed by promoters/company/guarantors or any of their related parties.

Later this month on October 31, e-auction of three accounts will take place: VVF India Ltd with loan outstanding of 154.37 crore; Ashok Magnetics Ltd (formerly AML Steels) 23.82 crore and Agarwalas Polytrade ( 15.03 crore).

"SBI reserves the right not to go ahead with the proposed transaction or modify any terms and conditions at any stage, without assigning any reason," said the lender in the bid document.

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Published: 09 Oct 2022, 04:34 PM IST
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