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SBI to put 11 NPAs under the hammer on Nov 22, eyes recovery of Rs 10 bn

Of these 11 accounts, Janki Corp Ltd has the highest outstanding dues of Rs 5.92 billion

Press Trust of India  |  New Delhi 

SBI
SBI

has put up 11 non-performing assets (NPAs) for sale to ARCs and financial companies to recover dues of nearly Rs 10.19 billion.

The country's largest lender said the of these NPA accounts will take place on November 22.

"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," said in an auction notice on its website.

Of these 11 accounts, has the highest outstanding dues of Rs 5.92 billion.

Among others, has to repay Rs 830.1 million, Rs 633.6 million, R S Luth Education Trust Rs 606.2 million, Rs 524.1 million and Sri Balmukund Polyplast Rs 501.2 million. The rest of the five companies owe the the remaining Rs 1.17 billion.

The interested asset reconstruction companies (ARCs)/ banks/ 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, of India (SBI) said.

Once the deal is finalised, the assignment deed and other legal formalities will be completed in the shortest possible time as mutually agreed upon, it added.

SBI's gross NPAs rose to 10.69 per cent of the total advances at the end of the first quarter ended June this fiscal year, as against 9.97 per cent a year ago. In value terms, they increased to Rs 2.12 trillion, from Rs 1.88 million.

has reported a hefty loss of Rs 48.76 billion for the June quarter due to higher NPAs or bad loans.

First Published: Sun, November 04 2018. 11:05 IST
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