Fri. Mar 29th, 2024
PNB-Invite-Bids

Punjab National Bank has invited bids to recover over ₹1,320 crore from two dozen non-performing accounts.

Stressed Assets Targeted Resolution Action (SASTRA) Division of PNB has been handling the sale of stressed assets to redeem dues and has decided to put a total of 21 accounts on sale. These accounts owe PNB ₹1,320.19 crore

PNB in a notification said, “We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc, on terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines.”

Reportedly, financial bids will only be accepted through e-auction methods to be held on September 20 on the bank’s official portal. The accounts are focused on Mumbai, Chennai, Delhi, Patna, and Chandigarh Zones of Punjab National Bank.

Among the NPAs are  Moser Baer Solar, having an outstanding of ₹233.06 crore, Divine Alloys & Power Co Ltd ₹200.87 crore, Divine Vidyut ₹132.66 crore, Chincholi Sugar & Bio Industries ₹114.42 crore, Arshiya Northern FTWZ Ltd ₹96.70 crore, Birla Surya₹73.58 crore, Shri Saikrupa Sugar & Allied Industries ₹63.35 crore and Raja Forgings & Gears Ltd ₹59.73 crore. Templeton Foods (₹53.17 crore), Paritran Medical College & Hospital (₹51.14 crore), Rathi Ispat (₹45.48 crore), James Hotel (₹33.50 crore) and Jain Overseas (₹33.41 crore) are also some of the big loan defaulters in the list.

The list also includes Dharmnath Investment, The Mobile Store Services, Avon Life Sciences, Zoom Vallabh Steel, Collage Estate Pvt Ltd, Crown Milk Specialities and Gurukul Education & Charitable Trust in the sale process.

Leave a Reply

Your email address will not be published. Required fields are marked *