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Over 20 NPAs with ₹500 crore outstanding on sale by Punjab & Sind Bank, IoB
Subrata Panda Mumbai
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State-owned Punjab & Sind Bank has put up for sale thirteen non-performing accounts (NPAs) with a total principal outstanding of ₹347 crore and has invited expressions of interest (EoIs) from asset reconstruction companies (ARCs) and other interested buyers for a 100 per cent cash deal through a Swiss challenge auction.
Interestingly, the bank has set a reserve price of ₹364.58 crore, which exceeds the total principal outstanding of all the accounts, potentially enabling higher recoveries than the dues.
Some of the larger accounts among the thirteen on the block include Pioneer Gas Power, with a principal outstanding of ₹96.42 crore
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