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| SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr |
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(New Delhi, Feb11, 2019): State-owned State Bank of India (SBI) and Oriental Bank of Commerce (OBC) have put on sale various financial accounts to recover dues of around Rs 5,740 crore.
The country's largest lender SBI has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs) to recover an outstanding of Rs 4,975 crore.
The bulk of accounts up for sale by SBI are of small and medium enterprises (SMEs) that have dues amounting to Rs 4,667 crore.
OBC wants to sell 13 accounts with a collective outstanding of Rs 764.44 crore, according to the bid document placed on its website.
As many as 281 SME accounts are up for sale by SBI, belonging to those firms that have dues of up to Rs 50 crore. The collective dues on these SMEs are Rs 4,666.50 crore.
"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 banks/ARCs/NBFCs/FIs," SBI said in an auction notice.
Also, SBI will sell three accounts -- Dennis Steels Pvt Ltd with outstanding of Rs 258.73 crore, Shiva Speciality Yarns (Rs 37.90 crore) and Bansidhar Spinning & Weaving Mills Ltd (Rs 11.73 crore).
Inviting expression of interest from ARCs and FIs, Oriental Bank of Commerce said it proposes to sell its stressed financial assets comprising 13 accounts with principal balance of Rs 764.44 crore.
Among the major loan accounts invited for sale by OBC include Mittal Corp Ltd (Rs 207.17 crore), Jayaswal Neco Industries Ltd (Rs 157.03 crore), NCS Sugars Ltd (Rs 106.60 crore), Mahalaxmi TMT Pvt Ltd (Rs 77.61 crore), Kohinoor Steel (Rs 45.06 crore), Sova Ispat Alloys (Rs 37.99 crore), Atlantic Projects (Rs 33.36 crore) and Sova Ispat Alloys (Mega Projects) Ltd (Rs 31.28 crore).
E-bidding for SBI accounts will take place on February 27. For OBC, the e-bidding is scheduled for February 25
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