Sponsored by

Central Bank of India puts Bhushan Power, Essar Steel accounts up for sale to recover bad loan dues

New Delhi: State-owned Central Bank of India has put up for sale four stressed accounts, including Bhushan Power and Steel and Essar Steel India, to recover dues of Rs 3,321 crore.

"In terms of the bank's policy on sale of financial assets in line with the regulatory guidelines, we place the following accounts for sale to banks/ARCs/NBFCs/FIs," Central Bank of India has said in a bids invite document on its website.

 Central Bank of India puts Bhushan Power, Essar Steel accounts up for sale to recover bad loan dues

Representational image. Reuters.

Alok Industries and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid off.

According to the bid document, Bhushan Power & Steel has an outstanding of Rs 1,550.07 crore towards the bank. Alok Industries owes Rs 1,251 crore, Essar Steel India Rs 423.61 crore, while Bombay Rayon Fashions has an outstanding due of Rs 96.30 crore.

The e-auction of all these accounts will take place on 20 March.

The auction of these accounts is through the Swiss challenge method, under the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002, on the without-recourse basis based on an existing offer of firm bid from an investor, who will have the right to match the highest bid, the bank said.

Your guide to the latest election news, analysis, commentary, live updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Facebook page for updates from all 543 constituencies for the upcoming general elections.

Updated Date: Mar 04, 2019 18:52:44 IST

Also See