SBI to auction two NPA accounts to recover dues of over Rs 313 cr

The two accounts to be put up for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with a loan outstanding of Rs 262.73 crore and GOL Offshore Ltd with Rs 50.75 crore dues.

“In terms of the bank’s policy on sale on financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated there against,” SBI said in the notice.

The reserve price for the auction of Bhadreshwar Vidyut is set at Rs 100.12 crore and for GOL Offshore at Rs 51 crore.

SBI has asked the interested parties to do the due diligence of these assets with immediate effect, after submitting expressions of interest and executing non-disclosure agreement with the bank.

“We reserve the right not to go ahead with the proposed sale at any stage, without assigning any reason. The decision of the bank in this regard shall be final and binding,” SBI said.

BVPL was set up in 2007 as a special purpose vehicle promoted by OPG group, having substantial experience in power and steel sectors. In April 2019, ICRA moved the long term rating on bank facilities to the tune of Rs 2,062.40 crore to the company to ‘Issuer Not Cooperating’ category.

ICRA said it had been trying to seek information from the company to monitor its performance, but despite repeated requests, the management of the company remained non-cooperative. It had also advised lenders and investors of the company to exercise appropriate caution while using the rating action as it might not adequately reflect the credit risk profile of the company.

The Mumbai based GOL Offshore is engaged in the business of providing services to oil and gas extraction, excluding surveying.