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Allahabad Bank to sell Rs 101-crore Khaitan Electricals debt

The company, in a release, said it also has outstanding loans with State Bank of India, IDBI Bank, Indian Bank, Bank of India and Religare Finvest Ltd.

Published: 17th November 2017 03:46 PM  |   Last Updated: 17th November 2017 06:53 PM   |  A+A-

Image used for representational purpose

By PTI

KOLKATA: Allahabad Bank has decided to put on sale bad loans worth Rs 101 crore of Khaitan Electricals Ltd (KEL), the consumer durables maker battling declining revenues in recent quarters.

A senior official of the state-owned bank told PTI that Khaitan Electricals' NPA is one of the 61 such accounts that have been identified for sale during the December quarter.

The bank has scheduled e-auction for the sale of the loan on December 4.

"Normally, a loan is put on sale not before a year of turning NPA, but I don't have details of Khaitan Electricals right now," the official, involved in the process of the sale, said.

When contacted, KEL Company Secretary A K Mishra said the firm was not aware of the loan sale by Allahabad Bank.

In the quarter ended September, the company posted net sales of 9.57 crore as against a topline of Rs 16.41 crore in the corresponding period a year ago.

As on September 30, Khaitan Electricals had long-term borrowing of Rs 101 crore and Rs 246-crore short-term loans, while outstanding due to creditors was about Rs 67 crore.

The company, in a release, said it also has outstanding loans with State Bank of India, IDBI Bank, Indian Bank, Bank of India and Religare Finvest Ltd.

The Kolkata-based firm had attempted debt restructuring exercise last year.

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