State Bank of India has sold ₹341 crore of principal loan outstanding from bankrupt Atibir Industries to CFM Asset Reconstruction Company for ₹250 crore through a Swiss challenge auction held on Friday, two people close to the development said.
The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI.
The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said.
Source:
Economic Times
