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Allahabad Bank to sell Khaitan debt as company goes bust

DNMUM400828 | 11/15/2017 | Author : Sumit Moitra | WC :422

Kolkata: Khaitan Electricals, once popular for its fans and other household electrical products, has gone bust.
The Kolkata-based firm has turned into a non-performing asset (NPA) for its lenders in the second quarter, and with little chance of recovering the money, Allahabad Bank has even decided to sell the dud loan, documents available with DNA Money show.
Allahabad Bank would be put on the block loans worth Rs 101 crore to Khaitan Electricals on its books as part of the NPA package it aims sell now.
Usually, an account is classified as a non-performing asset (NPA) when loan payments are not made for a period of 90 days.
The bankers had invoked strategic debt restructuring exercise last year after the company’s continued
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