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.)
