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Central Bank puts stressed accounts of Bhushan Power, Essar Steel on sale

Bhushan Power & Steel has an outstanding of Rs 1,550.07 crore towards the bank. Alok Industries owes Rs 1,251 crore, Essar Steel India Rs 423.61 crore

Press Trust of India  |  New Delhi 

Central Bank of India
Central Bank of India

State-owned has put up for sale four stressed accounts, including and India, to recover dues of Rs 3,321 crore.

"In terms of the bank's policy on sale of financial assets in line with the regulatory guidelines, we place the following accounts for sale to banks/ARCs/NBFCs/FIs," has said in a bids invite document on its website.

and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid off.

According to the bid document, has an outstanding of Rs 1,550.07 crore towards the bank. owes Rs 1,251 crore, India Rs 423.61 crore, while Bombay Rayon Fashions has an outstanding due of Rs 96.30 crore.

The of all these accounts will take place on March 20.

The auction of these accounts is through the Swiss challenge method, under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002, on the without-recourse basis based on an existing offer of firm bid from an investor, who will have the right to match the highest bid, the bank said.

First Published: Mon, March 04 2019. 18:45 IST
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