Chennai: The Central Bank of India has four big accounts of non-performing assets (NPA) worth Rs 3,300 crore on sale through the SARFAESI Act, though some of the assets are currently under the NCLT resolution process.
The accounts are Bombay Rayon Fashions Ltd, Alok Industries (Rs 1,251 crore), Bhushan Power & Steel (Rs.1,550.07 crore) and Essar Steel (Rs 423 crore). Except Bombay Rayon the other three are currently under NCLT process.
‘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 Banks/ARCs/NBFCs/ FIs on the terms and conditions. However, the sale will be subject to final approval by the Competent Authority of the Bank,’ the Central Bank said in its notice.
The final bidding date of these assets is 20 March.