Companies

MSTC ties up with Allahabad Bank to develop e-auction platform

Our Bureau Mumbai | Updated on November 05, 2019

To be linked with IBA’s portal for sale of NPAs

MSTC Ltd has signed an agreement with Allahabad Bank for the development of a dedicated e-Auction platform directly linked with the Indian Banking Association's portal (https://ibapi.net) for sale of non-performing assets (NPAs) through the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest) Act.

"The e-Auction platform will be a one-of-a-kind solution, where a bidder once registered, will be able to participate in auctions for all banks. This move will help the banks monetise NPAs through a streamlined process, thereby, increasing revenue generation," MSTC said in a regulatory filing.

MSTC is a Kolkata-headquartered Central Government of India company engaged in domestic and international trading. It specialises in the international trade of ferrous input materials and has imported millions of tonnes of ferrous melting scrap, old ships for breaking, sponge iron, hot briquetted iron, re-rollable scrap, etc.

The company also undertakes marketing of ferrous and miscellaneous scrap arising from integrated steel plants, engineering companies, refineries, power plants, coal and the transport sector, defence and other Government departments/ private sector organisations in the domestic market.

Published on November 05, 2019

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