SBI is going to conduct e-auction to recover the dues. It will be organized in the next month i.e. in August. Two NPA accounts have been included in this.
SBI will auction accounts
SBI will auction two non-performing accounts i.e. NPA accounts next month, to recover dues of over Rs 313 crore. This auction will take place on 6 August. It will be conducted online. The two NPA accounts to be placed in this e-auction are Bhadreshwar Vidyut Private Limited (BVPL) and GOL Offshore Limited.
BVPL has an outstanding loan of Rs 262.73 crore. While GOL has an outstanding of Rs 50.75 crore. In this regard, SBI said in the notice, “With reference to the Bank’s policy on Sale on Financial Assets, as per regulatory guidelines, we are placing these accounts for sale to ARCs/Banks/NBFCs/FIs. The reserve price for the auction has been fixed at ₹100.12 crore and for GOL Offshore ₹51 crore.”
SBI has asked interested parties to verify these properties with immediate effect after submitting an expression of interest with the bank and executing a non-disclosure agreement. The bank also said, “We reserve the right not to proceed with the proposed sale at any stage without assigning any reason thereof. The decision of the bank in this regard will be final and binding.
It may be noted that BVPL was established in 2007 as a special purpose vehicle promoted by OPG Group, which has substantial experience in power and steel sectors. In April 2019, ICRA has shifted the long-term rating on bank facilities to the ‘Issuer Not Co-operating’ category of ₹2,062.40 crore company.
ICRA said that it is trying to monitor the performance of the company and gather information related to it, but despite repeated attempts, the company’s management did not cooperate. The company’s lenders and investors were therefore advised to exercise due caution while using the rating action.
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