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

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

Press Trust of India March 04, 2019 18:52:44 IST
Central Bank of India puts Bhushan Power, Essar Steel accounts up for sale to recover bad loan dues
  • 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 cr, Essar Steel India Rs 423.61 cr, while Bombay Rayon Fashions has due of Rs 96.30 crore

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

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.

Updated Date:

also read

Bhushan Power bid: Liberty House plans to move company law tribunal this week
Business

Bhushan Power bid: Liberty House plans to move company law tribunal this week

Hit by rejection of its bid to acquire Bhushan Power and Steel, UK-based Liberty House plans to move NCLT this week to direct creditors and resolution professional to consider its offer

Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of  assets
Business

Bhushan Power and Steel insolvency case: NCLAT asks ED, MCA to reach consensus on attachment of assets

The National Company Law Appellate Tribunal (NCLAT) on Friday asked the divergent Enforcement Directorate and the Ministry of Corporate Affairs to discuss and reach a consensus on the attachment of assets of Bhushan Power and Steel (BSPL)

NCLT approves JSW Steel's Rs 19,700-cr resolution plan for debt-ridden Bhushan Power and Steel
Business

NCLT approves JSW Steel's Rs 19,700-cr resolution plan for debt-ridden Bhushan Power and Steel

The National Company Law Tribunal (NCLT) on Thursday approved the JSW Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL)