Latest News | SBI Invites Bids from ARCs for Two Accounts for Recovering Rs 409 Cr

New Delhi, Jun 1 (PTI) SBI will auction two NPA accounts later this month for recovery of dues worth Rs 409.45 crore from the companies -- Kamachi Industries Ltd and Tantia Agrochemicals Ltd.

The e-auction will take place on June 25, SBI said in a bid document.

As per the bank's revised policy on sale of financial assets, in line with regulatory guidelines, SBI said it places these accounts for sale to banks, ARCs (asset reconstruction companies), NBFCs or FIs (financial institutions).

Kamachi Industries has an outstanding of Rs 355.93 crore against the bank and Tantia Agrochemicals owes Rs 53.52 crore.

In case of Kamachi Industries, the corporate guarantee for the loan stands at Rs 118.57 crore. The Tamil Nadu-based company is engaged in steel manufacturing.

SBI said the net worth of the corporate guarantors is as on March 31, 2017 / March 31, 2018.

For Kolkata-based Tantia Agrochemicals, the corporate guarantee is nil.

The reserve price for the Kamachi account is set at Rs 150 crore while for Tantia, it is Rs 13 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)