SBI to sell two NPA accounts next month to recover dues of Rs 60 cr, BFSI News, ET BFSI

SBI has invited bids for two NPA accounts with outstanding dues of nearly Rs 60 crore. “In terms of the bank’s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/ banks/ NBFCs/ FIs, on the terms and conditions indicated there against,” SBI said in a sale notice.

The bank has put up for sale the accounts of N S Engineering Projects, with loan outstanding of Rs 36.98 crore, and Chinteshwar Steels Pvt Ltd, which owes Rs 22.72 crore to SBI.

The reserve price for these non-performing assets (NPAs) for the purpose of sale has been fixed at Rs 17.19 crore and Rs 10.50 crore, respectively.

The e-auction for these two accounts will take place on July 7, 2021.

The interested asset reconstruction companies (ARCs)/ banks/ non-banking financial companies (NBFCs) / financial institutions (FIs) can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure agreement (NDA) with the bank, SBI said.

“We reserve the right not to go ahead with the proposed sale at any stage, without assigning any reason. The decision of the bank in this regard shall be final and binding,” it added.