The largest lender in the nation, SBI, has prepared six non-performing assets (NPAs) for sale to asset reconstruction businesses (ARCs) in an effort to recoup about Rs 406 crore in debt. The six NPA accounts that have been put up for sale to the ARCs are Patna Bakthiyarpur Tollway, which has an unpaid balance of Rs 230.66 crore; Steelco Gujarat Ltd; GOL Offshore; Andhra Ferro Alloys; Guru Ashish Taxfab; and Genix Automations Pvt Ltd.
On February 23, the Patna Bakthiyarpur e-auction is slated to take place, and on February 21, the GOL Offshore e-auction. On February 15, an auction for Genix Automations and Guru Ashish Texfab is scheduled. On March 4, an electronic auction is planned for Steelco Gujarat and Andhra Ferro Alloys. According to SBI, the bank’s competent authorities must approve these sales. The Patna Bakthiyarpur Tollway, Steelco Gujarat Ltd, Andhra Ferro Alloys, Genix Automations, and Guru Ashish Texfab auctions will be conducted using the Swiss Challenge Method and will be based on an existing offer in hand, according to the lender, who will have the right to match the highest bid.