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SBI to sell Khare and Tarkunde Infrastructure to recover over Rs 99 crore

State Bank of India (SBI) will sell three bad debts to asset rebuilding companies or other financial institutions next month to recover installments of over Rs.235 million, according to a sale notice.

Regarding the Bank’s policy on the sale of financial assets, as per the regulatory guidance, the SBI said it has put up Heavy Metal and Tubes Ltd, Khare, Tarkunde Infrastructure Pvt Ltd, and Elize International Ltd for sale for a total recovery of Rs.235.32. crore.

Heavy Metal has a fee owed to the bank of Rs 116.91 crore and owes Khare and Tarkunde of Rs 99.84 crore and Rs 18.57 crore to Elise International.

The bank set the reserve prices for the sale of these NPA accounts at Rs 27.50 crores, Rs 15 crores, and Rs 8 crores respectively.

Online auction of heavy metals and tubes; Khare and Tarkunde will take place on June 7, while Elise will take place on June 8.

The SBI said that interested ARC agencies/banks / NBFC / financial institutions can conduct due diligence on these assets with immediate effect, after filing an expression of interest and implementing a nondisclosure agreement with the bank.

Ahmedabad-based Heavy Metal and Tubes manufactures stainless steel tubes and tubes, while Nagpur-based Khare and Tarkunde are in the real estate business.

Elize International is a Kolkata-based apparel manufacturer.

Also Read: SC strikes down West Bengal’s law on regulating real estate

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