SBI will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 506 crore under sale to asset reconstruction company (ARC) mechanism. In terms of the bank s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs /FIs, on the terms and conditions indicated there against, SBI said in sale notifications. The total outstanding against these companies is Rs 506.22 crore. Aarya Industrial Products Pvt Ltd has dues of Rs 72.24 crore and the e-auction of the account is slated to take place on March 16. State Bank of India said Aarya Industrial Products has filed a suit against it in January 2016 before Civil Court, Alipore, Kolkata for claiming recovery damages of Rs 226 crore.
Updated Mar 11, 2021 | 21:55 IST
State Bank of India said Aarya Industrial Products has filed a suit against it in January 2016 before Civil Court, Alipore, Kolkata for claiming recovery damages of Rs 226 crore. SBI to conduct e-auctions of 12 bad accounts this month
New Delhi: SBI will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 506 crore under sale to asset reconstruction company (ARC) mechanism. In terms of the bank s policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs /FIs, on the terms and conditions indicated there against, SBI said in sale notifications. The total outstanding against these companies is Rs 506.22 crore.