SBI to sell three NPA accounts next month for recovery of over Rs 235 cr

The State Bank of India will sell three bad accounts to asset reconstruction companies or other financial institutions next month to recover dues of over Rs 235 crore, according to a sales notice

The State Bank of India (SBI) will sell three bad accounts to asset reconstruction companies or other financial institutions next month to recover dues of over Rs 235 crore, according to a sales notice.

In terms of the bank's policy on sale of financial assets, in line with regulatory guidelines, SBI said it has placed Heavy Metal and Tubes Ltd, Khare and Tarkunde Infrastructure Pvt Ltd and Elize International Ltd for sale to recover a total of Rs 235.32 crore.

Heavy Metal has outstanding dues of Rs 116.91 crore to the bank, Khare and Tarkunde owes Rs 99.84 crore and Elize International Rs 18.57 crore.

The bank has set the reserve prices for these NPA accounts for sale at Rs 27.50 crore, Rs 15 crore and Rs 8 crore, respectively.

The e-auction of Heavy Metal and Tubes; and Khare and Tarkunde will take place on June 7, while that of Elize will be on June 8.

SBI said the interested ARCs/banks/NBFCs/FIs can conduct due diligence of these assets with immediate effect, after submitting expressions of interest and executing a non-disclosure agreement with the bank.

Ahmedabad-based Heavy Metal and Tubes is engaged in manufacturing of stainless steel tubes and pipes, while Nagpur-based Khare and Tarkunde is engaged in real estate business.

Elize International is a Kolkata based company engaged in manufacturing of clothing.