Team News Riveting
Bhopal, November 28
The Punjab National Bank (PNB) has put up a Madhya Pradesh-based company for sale to recover nearly Rs 200 crore dues.
The company in question is engaged in the steel and agriculture sectors. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.
“We intend to place the account for sale to ARCs/NBFCs/other banks/FIs, on the terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,” PNB said in its auction notification.
The public sector bank has pegged the reserve price (on cash basis) at Rs 95 crore for the sale process. For the prospective bidder to expedite the process of due diligence exercise and for verification purposes of the buyer, the bank said it will make all possible efforts to bring copies of documents at one place.
PNB, however, said that it may may withdraw the account offered for sale, without assigning any reasons, at its sole discretion.
The lender has set December 8 as the deadline for prospective bidders to complete the due diligence exercise. The last date of submission of binding bids is December 9. Bids for National Steel and Agro Industries will be opened on December 10, 2021.
