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PNB to auction 21 bad loan accounts to recover Rs 1,320 cr

IANS  |  New Delhi 

State-run (PNB) has put 21 non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore with the auction process slated later this month.

PNB said in a notification earlier this week that its Stressed Assets Targeted Resolution Action (SASTRA) Division has put on sale these 21 accounts which cumulatively owe the Rs 1,320.19 crore.

"We intend to place these accounts for sale to (asset reconstruction companies) /NBFCs (companies)/other banks/(financial institutions) etc, on terms and conditions stipulated in the bank's policy, in line with the regulatory guidelines," PNB said.

A PNB said on Thursday that "the submission of financial bids will be only through which will take place on the bank's portal on September 20."

The bank's NPA accounts up for sale include with outstanding of Rs 233.06 crore, (Rs 200.87 crore), Divine Vidyut (Rs 132.66 crore), (Rs 114.42 crore), Northern FTWZ Ltd Rs (96.70 crore), Birla Surya (Rs 73.58 crore) (Rs 63.35 crore) and (Rs 59.73 crore).

Among the other major defaulters listed are Templeton Foods (Rs 53.17 crore), Rathi Ispat (Rs 45.48 crore) and Jain Overseas (Rs 33.41 crore).



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 13 2018. 21:26 IST