INSUBCONTINENT EXCLUSIVE:
Moser Baer Solar, Divine Alloys Power Co are some of the defaulters of PNB.NEW DELHI: State-run Punjab National Bank (PNB) has put 21
non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 1,320 crore with the e-bidding auction process slated later
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 bank Rs 1,320.19 crore."We intend to place these accounts for sale to ARCs (asset reconstruction
companies) /NBFCs (non-banking finance companies)/other banks/FIs (financial institutions) etc, on terms and conditions stipulated in the
bank's policy, in line with the regulatory guidelines," PNB said.A PNB spokesperson said on Thursday that "the submission of financial bids
will be only through e-auction which will take place on the bank's portal on September 20."The bank's NPA accounts up for sale include Moser
Baer Solar with outstanding of Rs 233.06 crore, Divine Alloys Power Co (Rs 200.87 crore), Divine Vidyut (Rs 132.66 crore), Chincholi Sugar
Bio Industries (Rs 114.42 crore), Arshiya Northern FTWZ Ltd Rs (96.70 crore), Birla Surya (Rs 73.58 crore) Shri Saikrupa Sugar Allied
Industries (Rs 63.35 crore) and Raja Forgings Gears Ltd (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).(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
