PNB puts 21 NPA a/cs on the block to recover Rs1,320 crore

New Delhi, September 13

Punjab National Bank has put nearly two dozen non-performing accounts (NPAs) on sale to recover over Rs 1,320 crore.

The bank’s Stressed Assets Targeted Resolution Action (SASTRA) Division, which is handling the sale of stressed assets to recover dues, has put on sale a total of 21 accounts which cumulatively owe PNB Rs 1,320.19 crore.

“We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc, on terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,” PNB said in a notification.

The accounts include Moser Baer Solar, which has an outstanding of Rs 233.06 crore, Divine Alloys & Power Co Ltd Rs 200.87 crore, Divine Vidyut Rs 132.66 crore, Chincholi Sugar & Bio Industries Rs 114.42 crore, Arshiya Northern FTWZ Ltd Rs 96.70 crore, Birla Surya Rs 73.58 crore, Shri Saikrupa Sugar & Allied Industries Rs 63.35 crore and Raja Forgings & Gears Ltd Rs 59.73 crore.

Templeton Foods (Rs 53.17 crore), Paritran Medical College & Hospital (Rs 51.14 crore), Rathi Ispat (Rs 45.48 crore), James Hotel (Rs 33.50 crore) and Jain Overseas (Rs 33.41 crore) are among the other big loan defaulters.

The remaining firms which are listed in the sale process are Dharmnath Investment, The Mobile Store Services, Avon Life Sciences, Zoom Vallabh Steel, Collage Estate Pvt Ltd, Crown Milk Specialities and Gurukul Education & Charitable Trust.

PNB said the submission of financial bids will be only through e-auction which will take place on September 20. — PTI