The e-auction of KSK Mahanadi is scheduled to be held on December 31, 2021.
SBI has invited bids from asset reconstruction companies and other financial institutions to sell the NPA account KSK Mahanadi Power Company, taking the total outstanding against the company to over Rs 4,100 crore.
“With reference to the Bank’s policy on sale of financial assets, as per regulatory guidelines, we hold the account (KSK Mahanadi) for sale to ARCs/Banks/NBFCs/FIs,” SBI said in an auction notice.
The e-auction of KSK Mahanadi is scheduled to be held on December 31, 2021.
According to SBI, with fund based outstanding of ₹3,815.04 crore and non-fund based outstanding of ₹286.83 crore, the total loan outstanding against SBI stands at ₹4,101.87 crore.
The country’s largest lender has set a reserve price of ₹1,423.17 crore for selling this non-performing asset (NPA).
SBI said interested parties can check the property with immediate effect after submitting the letter of interest by December 6.
A former subsidiary of KSK Energy Ventures, KSK Mahanadi ceased to be a branch since May 2018 following an invocation of pledged shares by a consortium of lenders on default of loan repayment by the power company.
At the time, KSK Energy Ventures stated that KSK Mahanadi constituted more than 80% of the group’s total power generation capacity in the past 10 years (3,600 MW out of 4,472 MW being operated/developed under the company) and the lenders. action would be adverse) impact on KSK Energy Ventures and its various stakeholders.
KSK Mahanadi Power Company is under corporate insolvency resolution process.
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