Syndicate Bank has placed the 2500 acres of GVK Perambalur SEZ Pvt. Ltd., for sale through an e-auction. The Bank has taken this step to recover the heavy debt from GVK Group. The land is located in Tamil Nadu.
The Company owes nearly Rs 175 cr to the government lender, Syndicate Bank. The Bank has placed the collateral of the defaulting GVK Perambalur SEZ Pvt. Ltd., for sale, by invoking the stringent SARFAESI Act.
In Syndicate Bank's first attempt to auction the SEZ land of GVK, no bidder had responded. Stock of Syndicate Bank is trading flat on Friday. Nifty Bank, Nifty Pvt Bank and Nifty PSU Bank indices are trading in green with gains of nearly 0.22%.