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SBI will auction two accounts next month, trying to raise more than Rs 313 crore dues


SBI will auction two accounts next month, trying to raise more than Rs 313 crore dues 1

New Delhi. State Bank of India has decided to auction two non-performing accounts (Non-Performing Assets, NPAs) next month.

According to the bank’s notice, SBI Bank will try to raise the outstanding amount of over Rs 313 crore from this auction. This auction is placed online. The e-auction will be held on 6th August. Bhadreshwar Vidyut Private Limited (BVPL) has an outstanding debt of Rs 262.73 crore in two accounts put up for e-auction. On the other hand, GOL Offshore Limited has an outstanding of Rs 50.75 crore.

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put up for sale to financial institutions

In terms of the Bank’s Policy on Financial Assets, as per SBI’s notice, we hold these accounts for sale to Financial Institutions, in line with regulatory guidelines. On terms and conditions, the reserve price for the auction of Bhadreshwar power has been fixed at Rs 100.12 crore and for GoL Offshore at Rs 51 crore.

What did the bank say?

With this SBI has asked the eligible candidates to check these properties immediately after submitting an expression of interest with the bank and executing a non-disclosure agreement.

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According to SBI, we reserve the right not to proceed with the proposed sale at any stage without assigning any reason thereof. It may be noted that BVPL was established in 2007 as a special purpose vehicle promoted by OPG Group. It has vast experience in power and steel sectors. ICRA (Investment Information and Credit Rating Agency) has shifted the major rating on bank facilities to the Not Co-operating category of Rs 2,062.40 crore company in April 2019.

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