PNB puts NPAs on sale to recover Rs 1,320 cr: Reports
14/09/2018 11:01

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

As per reports, 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.

Commenting on the issue, a PNB Official told the media, "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".

As per reports, 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.