03/10/2022

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SBI lines up 6 NPA accounts for sale to ARCs to recover dues of Rs 406 cr

3 min read

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Country’s most significant loan provider SBI has lined up six non-carrying out assets (NPAs) for sale to asset reconstruction corporations (ARCs) to get well dues of almost Rs 406 crore.

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The six NPA accounts set up for sale to the ARCs are — Patna Bakthiyarpur Tollway with excellent of Rs 230.66 crore Steelco Gujarat Ltd Rs 68.31 crore GOL Offshore Ltd Rs 50.75 crore Andhra Ferro Alloys Ltd Rs 26.73 crore Expert Ashish Taxfab Rs 17.07 crore and Genix Automations Pvt Ltd Rs 12.23 crore.&#13
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“In terms of the bank’s policy on sale of money belongings, in line with the regulatory rules, we spot the subsequent accounts for sale to ARCs/banking companies/ NBFCs/FIs, on the phrases and problems indicated there against,” SBI stated in the sale notices for these belongings.

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The e-auction for Patna Bakthiyarpur is scheduled to choose position on February 23, and GOL Offshore on February 21. Genix Automations and Guru Ashish Texfab are to be auctioned on February 15, though e-auction for Steelco Gujarat and Andhra Ferro Alloys is scheduled for March 4.

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SBI explained these revenue are matter to acceptance by the skilled authority of the bank.

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The auction of Patna Bakthiyarpur Tollway, Steelco Gujarat Ltd, Andhra Ferro Alloys, Genix Automations and Expert Ashish Texfab will be held beneath Swiss Obstacle System, centered on an current offer you in hand, who will have the appropriate to match the highest bid, the lender reported.

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Under the Swiss Problem Process, an fascinated bidder tends to make a proposal for a task (right here asset). The seller places the aspects of the challenge in general public so that many others can match it. Immediately after receipt of bids, the first contractor receives an possibility to match the ideal bid.

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The intrigued ARCs/banking institutions/NBFCs/FIs can carry out thanks diligence of these property with speedy result, following distributing expressions of curiosity and executing non-disclosure agreements with the lender.

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“We reserve the right not to go forward with the proposed sale at any phase, with out assigning any cause. The final decision of the financial institution in this regard shall be remaining and binding,” SBI mentioned.

(Only the headline and image of this report may have been reworked by the Small business Common personnel the relaxation of the content material is car-created from a syndicated feed.)

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