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SBI to auction 12 bad accounts this month to recover over Rs 1325cr

Monday, June 11, 2018

The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore.

The e-auction of these accounts will take place on June 25, according to an SBI notice.

The NPA accounts that have been put under the hammer include Ankit Metal & Power Ltd (Rs 690.08 crore), Modern Steels Ltd (Rs 122.61 crore), Good Health  Agrotech Pvt Ltd (Rs 109.14 crore), Amit Cottons Pvt Ltd (Rs 84.70 crore), and Ind-Swift Ltd (Rs 80.49 crore).     

The remaining are Nikhil Refineries (Rs 52.85 crore), Bhaskar Shrachi Alloys (Rs 51.48 crore), Sri Ganesh Sponge Iron Pvt Ltd (Rs 38.96 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore), Karthik Agro Industries (Rs 20.82 crore) and Abhinandan Interexim (Rs 14.15 crore).

State Bank of India (SBI) said interested bidders can conduct due diligence of these assets with immediate effect after submitting the expression of interest and executing a non-disclosure agreement with the bank.

The lender's gross non-performing assets or bad loans as on March 31, 2018, reached Rs 2.23 lakh crore, which was 10.91% of gross advances by the end of 2017-18.

SBI reported a record net loss of Rs 7,718 crore in the fourth quarter ended March, and of Rs 6,547 crore for 2017-18 due to higher provisioning for bad loans.

The net NPAs were Rs 1,10,855 crore (5.73% of net loans) by end of March, 2018.

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