PNB to sell Apollo Distilleries -; Breweries' NPA account

29 Aug 2022 , 08:08 AM

The NPA account for Apollo Distilleries & Breweries, which is controlled by the state-owned Punjab National Bank (PNB), has been placed up for auction.

Apollo Distilleries & Breweries’ loan account is up for transfer, and the city-based lender is inviting asset reconstruction companies (ARCs) to submit bids. The lender promised to expedite the due diligence process and make all relevant documents available in one location for the prospective buyer to verify.

PNB did not provide any explanations, just stating that it reserves the right to remove the account that has been provided for transfer.

The deadline for submitting an expression of interest is August 31, 2022, and the deadline for completing the due diligence is September 7, said the bank.

The e-bidding is anticipated to take place on September 12 and will be conducted entirely in cash.

Apollo Distilleries and Breweries (ADPL), a subsidiary of Chennai-based Empee Distilleries Ltd (EDL), owns and runs a distillery plant in Tamil Nadu with an installed capacity of 50,000 kilo liters per year.

EDL is undergoing the insolvency and bankruptcy code resolution process (IBC). The resolution plan provided by one of the resolution petitioners was allowed by the NCLT Chennai bench on January 20, 2020.

For feedback and suggestions, write to us at [e-mail]