 "SBI")
SBI will auction the account of Maharashtra-based Pioneer Gas and Power next month to recover loan dues of over Rs 180 crore from the company.
Pioneer Gas Power Limited has a principal loan outstanding of Rs 180.76 crore to the State Bank of India (SBI) and the lender will hold an e-auction to sell the account to ARCs/financial institutions on August 5, 2022.
"In terms of the bank's policy on transfer of stressed loan exposures, in line with the regulatory guidelines, we place these stressed loan exposures for transfer to ARCs/ banks/NBFCs/ FIs," SBI said in a notice.
The e-bidding timings will be from 11.30 am to 1 pm, the bank added.
"We reserve the right not to go ahead with the proposed transaction or modify any terms and conditions at any stage, without assigning any reason. The decision of the bank in this regard shall be final and binding.
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"Bank reserves the right to negotiate with the successful bidder for improvement in the bid amount, including NFB protection/margin, as the bank may deem fit and seek revised bid," said the country's largest lender.
Pioneer Gas Power Limited, situated in Raigad District in Maharashtra had a strategic partnership with Korean Western Power Company (KOWEPO) in 2012 after which it took a 40 per cent equity stake in the domestic power producer, according to the PGPL website.
Also, in 2011 the company signed a common loan agreement with a consortium of lenders -- including SBI 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.
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