E-auction is being organized by Bank of Baroda on 21st June. In this, bidding will be conducted for the sale of selected NPA accounts.
Bank Of Baroda (BOB)
Bank of Baroda is going to auction about 46 NPA accounts this month to meet its losses. For this, e-auction will be held on June 21. Through this the bank will recover the dues of 597.41 crore.
Bank of Baroda said, “The timing of e-auction will be from 11.30 am to 12.30 pm. If the amount is increased by the bidders, then there will be an unlimited extension of 5 minutes. The increase in the amount will be in the multiple of Rs.10 lakh.
Major NPA accounts put up for sale include Meena Jewels Exports and Meena Jewelers Exports (₹60.76 crore), Crystal Cable Industries (₹57.49 crore), JR Foods Limited (₹41.60 crore), Shree Raghuvanshi Fibers (₹27.38 crore), Kaneri Agro Industries (₹24.69 crore), Man Tubinox (₹24.28 crore) and Aryans Educational and Charitable Trust (₹20.79 crore). The auction is being conducted to sell NPA accounts to Asset Reconstruction Companies (ARCs)/ Banks/ NBFCs or other Financial Institutions (FIs) on 100% cash basis, a notification said. The last date for submission of Expression of Interest is June 19.
According to the notification issued by the bank, following the provisions of Insolvency and Bankruptcy, the bidder will also have to give an affidavit. In which they will confirm that they are not connected in any way with the family or account of the promoter.
The Bank stated that any ECGC/CGTMSE claim received or received in any account under the sale shall be retained by it. It will not be handed over to ARCs/Banks/NBFCs or FIs. The Export Credit Guarantee Corporation (ECGC) is a government-owned organization that provides export credit insurance assistance to Indian exporters.
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