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PNB invites bids for two dozen bad loan accounts to recover Rs 11.79 bn

These 24 dud loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank

Press Trust of India  |  New Delhi 

Punjab National bank

Public sector lender (PNB) has put up for sale two dozen non-performing assets to recover dues of over Rs 17.79 billion.

These 24 dud loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank.

Two accounts belong to Chandigarh and Bhopal zones while one is of Patna zone, as per the sale notice on its website.

"We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc on the terms and conditions stipulated in the policy, in line with the regulatory guidelines," said.

The bank has to make recovery of Rs 17.79 billion from these 24 non-performing assets (NPAs).

Among the major borrowers are Vandana Vidyut with an outstanding amount of Rs 4.54 billion, Moser Baer Solar (Rs 2.33 billion), Divine Vidyut (Rs 1.32 billion), Visa Resources India Ltd (Rs 1.15 billion), Allied Strips (Rs 1.18 billion), Arshiya Northern FTWZ Ltd (Rs 967 million), Birla Surya (Rs 735.8 million) and Trident Tools (Rs 688.1 million).

The sale process is to be handled by the Stressed Assets Targeted Resolution Action (SASTRA) Division of the bank.

The submission of financial bids will be only through e-auction method, which will take place on the portal of the bank, it said.

The last date for evincing interest in these accounts is December 10, said. The process will take place on December 21.

First Published: Sun, December 09 2018. 11:35 IST
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