Public sector Punjab National Bank (PNB) is going to sell about two dozen NPAs (non-executed asset) accounts to recover the debt of Rs 1,320 crore. The bank has invited a bid for this.
The department, which handles the recovery of the trapped debt of the bank, SASTRA has offered to sell a total of 21 accounts. There is a total loan of Rs 1,320.19 crore. PNB said in the notification that we want to sell these NPA accounts to property restructuring companies (ARCs), banks, non-banking financial companies, financial institutions. It is in accordance with regulatory guidelines and the terms and conditions mentioned in the policy of the bank. The bank said that only the bid can be deposited through e-auction. The e-auction will start on the bank's portal from 20th September.
These accounts will be kept for sale
Accounts will be kept for sale include Moser Baer Solar (233.06 crore), Divine Alloys & Power Company (200.87 crore) Divine Power (132.66 million) Chincholi Sugar and Bio-Industries (114.42 million) Arshia Northern Fteedbluged (96.70 million ), Birla Surya (73.58 crores) and other companies. It is notable that PNB had earlier sold three NPA accounts in April and three in July. These were outstanding over Rs 350 crores.