Central Bank Puts Bhushan Power, Essar Steel Accounts Up For Sale
State-owned Central Bank of India has put up for sale four stressed accounts, including Bhushan Power & Steel Ltd. and Essar Steel India Ltd., to recover dues of Rs 3,321 crore.
Alok Industries and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid of, according to a document inviting bids uploaded on the lender’s website.
Bhushan Power & Steel owes the bank Rs 1,550.07 crore, Alok Industries owes Rs 1,251 crore, Essar Steel India Rs 423.61 crore and Bombay Rayon Fashions has outstanding dues of Rs 96.30 crore, according to the document.
The e-auction of all these accounts will take place on March 20.
The auction will be held through the Swiss challenge method, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002, on the without-recourse basis based on an existing offer of firm bid from an investor, who will have the right to match the highest bid, the bank said.