SBI arranges NPAs over Rs 746 crore for sale in October-November

New Delhi: The State Bank of India (SBI) has put several non-performing assets up for sale this month and the following month, including the fraud account of Sintex BAPL, to recover more than Rs 746 crore.

At an auction scheduled for Nov. 4, SBI will list NPAs for sale to asset reconstruction firms (ARCs)/financial institutions (FIs), banks or non-banking financial firms (NBFCs).

The auction of NPAs involves Sintex BAPL accounts with an outstanding amount of Rs 197.74 crore; Surat Hazira NH6 Tollway Pvt Ltd with an exposure of Rs 335.54 crore and Shreebhav Polyweaves Pvt Ltd (Rs 20.20 crore).

In the case of Sintex BAPL, SBI said that only ARCs are eligible for the e-auction because it is a fraud account. The outstanding amount of Rs 197.74 crore against the company includes a bank guarantee of Rs 6.10 crore. The company produces injection molded plastic parts for the automotive industry.

SBI said the proposed acquisition of these assets must not be financed and supported by promoters/company/guarantors or any of their related parties.

Later this month, on October 31, an e-auction of three accounts will take place: VVF India Ltd with an outstanding loan of Rs 154.37 crore; Ashok Magnetics Ltd (formerly AML Steels) Rs 23.82 crore and Agarwalas Polytrade (Rs 15.03 crore).

“SBI reserves the right at no stage to proceed with the proposed transaction or to change the terms and conditions without reason,” the lender said in the offer document.

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