The State Bank of India is going to conduct and e auction for all of its account that are unrecoverable now. It has 11 such bad loan accounts for which auction will be held on 7th November to recover the dues of Rs 466.49 Crore.
The Bank declared in the auction notice that the auction would be in terms of the Bank’s Revised policy on sale of financial assets and as per the regulatory guidelines. It ll auction 11 accounts for sale to ARCs/ Banks/NBFCs and FIs.
State Bank oF India also mentioned that financial assets it had were showcased on October 12 and the e auction will be on 7th November.
The main Non performing asset (NPA) accounts of SBI which will be on auction are Bhatia Global Trading (BGTL), which has an outstanding of ₹177.02 crore on the bank, Bhatia Coke & Energy Ltd ( ₹104.15 crore), Bhatia Coal Washeries ( ₹12.58 crore) and Asian Natural Resources (India) Ltd ( ₹2.18 crore).
Other accounts in the list are Maharastra Steels Pvt Ltd ( ₹40.51 crore), Anshul Steel Ltd ( ₹37.70 crore) and Vidhata Metals ( ₹36.98 crore)
SBI said that the auction of these accounts will be held under the ‘Swiss challenge Method’ which is based on existing offer in Hand. The one will have the right to match the highest bid in this auction.
SBI added that the interested Banks/ARCs/NBFCs/FIs, immediately after submitting expression of interest and executing the NDA with bank would be able to conduct due diligence of these assets.