Burnpur Cement NPA account put up for sale by PNB

7 Jul 2022 , 09:09 AM

In order to recover a debt balance of more than Rs 50 crore, the West Bengal-based Burnpur Cement account of the state-owned Punjab National Bank (PNB) has been placed up for sale. 

ARCs are welcome to submit offers. PNB stated that the business owes a debt of Rs. 50.18 crores while placing the Non-Performing Account (NPA) up for sale. The lender has set a reserve price of Rs 20 crore for the sale of the account to ARCs or approved transferees.

PNB stated that in order to speed up the due diligence process, it will deliver copies of all papers to one location for the prospective buyer to verify. The account offered for sale may be withdrawn by the bank at any time, at its sole discretion, it was stated.

On July 16, 2022, the sale will be held on the PNB e-auction platform. Burnpur Cement has accrued losses of more than Rs 58.97 crore, which has caused the company’s net value to decline. At (-) Rs 282.03 crore, the company’s net worth is negative.