SBI to auction 12 NPA accounts to recover dues of over Rs 13 billion

By 31 March 2018, the gross non-performing assets of SBI touched Rs 2.23 trillion, amounting to 10.91 per cent of gross advances by the end of 2017-18.

The country's largest bank SBI will conduct auction of 12 non-performing accounts (NPAs) on June 25.
 
The move is aimed at recovering dues of over Rs 13.25 billion.
 
The accounts which will be put under auction include Ankit Metal & Power Ltd (Rs 6.90 billion), Modern Steels Ltd (Rs 1.22 billion), Good Health Agrotech Pvt Ltd (Rs 1.09 billion), Amit Cottons Pvt Ltd (Rs 0.84 billion), and Ind-Swift Ltd (Rs 0.80 billion).
 
The remaining are Nikhil Refineries (Rs 528.5 million), Bhaskar Shrachi Alloys (Rs 514.8 million), Sri Ganesh Sponge Iron Pvt Ltd (Rs 389.6 million), Asmita Papers (Rs 372.3 million), Forel Labs (Rs 228.6 million), Karthik Agro Industries (Rs 208.2 million) and Abhinandan Interim (Rs 141.5 million).
 
By 31 March 2018, the gross non-performing assets of SBI touched Rs 2.23 trillion, amounting to 10.91 per cent of gross advances by the end of 2017-18.
 
The net NPAs were Rs 1108.55 billion (5.73 per cent of net loans) by end of March, 2018.
 
Overall, the bank expects to recover around Rs 30,000 crore from the insolvency resolution process in 2018-19, an official told PTI on Saturday.
 
The bank had been able to recover Rs 8,500 crore from the Bhushan Steel-Tata Steel deal taking a haircut of 30 per cent.
 
As per Pallav Mohapatra, DMD (stressed assets resolution group) of SBI, the bank expects to get back another Rs 10,000 crore from one-time settlement, sale to ARCs and some from outside NCLT.
 
The bank had filed 250 cases under IBC with a total exposure of Rs 95,000 crore. 
 
“Whatever stress is there has been recognised. We don’t expect recovery of the full amount,” said Mohapatra told news agency.
 
Source: Business Standard, Zeebiz.com

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