Punjab National Bank invites bids for nearly two dozen NPAs to recover over Rs 1,320 crore

As per bank, the submission of financial bids will be only through e-auction method, which will take place on the bank's portal on September 20.

The state lender, Punjab National Bank (PNB), has put nearly two dozen non-performing accounts (NPAs) on sale to recover over Rs 1,320 crore. 
 
The scam-hit bank has a wing to look into the sale of stressed assets to recover dues.
 
The wing has put on sale a total of 21 accounts which totals Rs 1,320.19 crore.
 
"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," PNB said in a notification.
 
As per bank, the submission of financial bids will be only through e-auction method, which will take place on the bank's portal on September 20.
 
"Bank at its sole discretion may withdraw the accounts offered for sale, without assigning any reasons," said the notification.  
 
According to a report by PTI, the accounts include Moser Baer Solar, with a debt of Rs 233.06 crore, Divine Alloys & Power Co Ltd has an outstanding of 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. 
 
Templeton Foods (Rs 53.17 crore), Paritran Medical College & Hospital (Rs 51.14 crore), Rathi Ispat (Rs 45.48 crore), James Hotel (Rs 33.50 crore) and Jain Overseas (Rs 33.41 crore) are among the other big loan defaulters, the news agency said.
 
The remaining firms which are listed in the sale process are Dharmnath Investment, The Mobile Store Services, Avon Life Sciences, Zoom Vallabh Steel, Collage Estate Pvt Ltd, Crown Milk Specialities and Gurukul Education & Charitable Trust.
 
These accounts are concentrated at Mumbai, Chennai, Delhi, Patna, Chandigarh and Patna zones of Punjab National Bank.
 
The public sector lender had put three NPA accounts for sale in April this fiscal and another three accounts in July with collective dues of more than Rs 350 crore.
 
Source: PTI report and PNB portal

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