Kolkata-based IIBI is also selling its premises, besides bad loans, as part of the liquidation process. Deloitte Touche Tohmatsu India has been appointed advisors for the sale process.
These bad loans comprise of 350 accounts including Kitply Industries, Mardia Chemicals, Ashima, Suman Motels, J K Cotton Spinning and Parsarampuria Synthetics.
These accounts have been classified into 25 portfolio baskets. The total amount in a basket ranges from Rs 35 crore to Rs 50 crore. The prospective bidders have the option to bid for one or all the baskets. The banks, financial institutions, private equity funds and investment banks and merchant banking entities are also eligible to participate in sale process.
IIBI is expected to announce the names of successful bidders by July 11. The Kolkata-based entity has seen all its employees shift to other banks and financial institutions over the last 18 months or so and is now left with the assets.
The funds generated from the sale of assets would be used to clear liabilities though sources said that there would still be a gap.
