MUMBAI : IDBI Bank has put up the Gurgaon property of Spanco BPO Services Ltd, a subsidiary of Spanco Ltd, on auction to recover dues worth Rs 434.49 mln, senior bank officials said. 

“The assets and property on sale is at a Gurgaon property owned by Spanco Ltd,” an official said. The reserve price for the Gurgaon property on auction by the bank, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has been pegged at 320.23 mln rupees. The property is available for inspection from today. Saturday is the last date for providing bids ahead of the Jan 15 auction. As per Spanco Ltd’s website, its business process outsourcing arm caters to clients in India, the US, Europe, West Asia, Africa.
Spanco claims it “caters to large complex technology infrastructure projects across government, power, and telecom service provider space”. Banks have become aggressive on the use of the SARFAESI Act for recovery of loans from large corporate entities over the last few months, following pressure from the government and the Reserve Bank of India to contain sharp spike in non-performing assets and restructured loans. -Cogencis

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