LM: SBI puts up for sale two NPA accounts to recover dues of ₹309 crore

11 July 2019: State Bank of India has put up for sale two financial assets to asset reconstruction companies, NBFCs and other financial institutions to recover dues of more than ₹309 crore.

In terms of bank’s policy for sale of financial assets, the bank is placing Rajashree Sugars and Chemicals and Shree Vaishnavi Ispat for sale to banks/ARCs/NBFCs/FIs, it said in the expression of invitation for the sale process.

Rajashree Sugars and Chemicals has an outstanding of ₹226.94 crore towards the country’s largest lender while, Shree Vaishnavi of ₹82.52 crore.

The e-auction of Rajashree will take place on July 22 while that of Shree Vaishnavi on July 29.

The interested Banks/ARCs/ NBFCs/ FIs can conduct due diligence of these assets with immediate effect, SBI said.

The LiveMint reported



Categories: General News, India Bankruptcy

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