State Bank of India will conduct e-auctions of twelve bad accounts of this month to recover dues of over Rs. 506 crores under sale to ARC mechanism. They place accounts for sale on the terms and conditions indicated there against, SBI said in sale notifications. The total outstanding against these companies is Rs.506.22 crores.
Aarya Industrial Products Pvt Ltd had a first place. It has dues of Rs.72.24 crores and the e-auction of the account is take to place on March 16. The State Bank of India said AIP ltd industrial Products has filed a suit against it in January 2016 before Civil Court, Alipore, Kolkata, for claiming recovery damages of Rs.226 crores.
Ten accounts are go under the hammer on March 26 against collective outstanding dues of Rs. 383.23 crores.
The List of e-auction Bank account is,
Heavy Metal and Tubes Ltd – Rs. 116.91 crores
Shree Vaishnav Industries – Rs. 58.92 crores
Sri Balmukund Polyplast – Rs. 49.73 crores
Megha Granules Pvt Ltd – Rs. 23.21 crores
Abhinandan Interexim – Rs. 14.16 crores
Timespac India – Rs. 14.03 crores
Shyam Sales – Rs. 2.18 cores, dues are there. So SBI decided to E-Auction the accounts.