SBI to Auction NPA a/c Pioneer Gas in Recovery of Over Rs 180 Cr Loan

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Next month, Pioneer Gas and Power in Maharashtra will auction its account to recover more than Rs 180 crore of loan debts.


Pioneer Gas Power Limited has a Rs 180.76 crore principal loan outstanding to the State Bank of India. The lender will hold an electronic auction to sell the account on August 5, 2022 to ARCs/financial institution.


“We place stressed loan exposures to be transferred to ARCs/ banks/NBFCs/FIs in accordance with our bank’s policy about the transfer of stressed loans exposures. This is consistent with regulatory guidelines.” In a notice


The bank stated that e-bidding will take place between 11.30 AM and 1 PM.


“We reserve all rights to refuse to proceed with the transaction or change any terms and conditions at any time, without assigning any reasons. This decision by the bank is final and binding.


“Bank reserves right to negotiate the amount of the bid, including NFB Protection/Margin, with the successful bidder and seek revised bid,” stated the country’s largest lender.


Pioneer Gas Power Limited was located in Raigad District, Maharashtra. It had a strategic partnership in 2012 with Korean Western Power Company. After which, it acquired a 40% equity stake in the domestic power manufacturer, according to the PGPL site.


In 2011, the company also signed a loan agreement that was common with a group of lenders, including and others such as IFCI Ltd, Exim Bank, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, Karur Vysya Bank and the erstwhile — Oriental Bank of Commerce (OBC) and Vijaya Bank.

(Only the headline, picture and text of this report could have been modified by Business Standard staff. The rest of the content is generated from a syndicated feed.

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