State-owned Punjab National Bank (PNB) has put up for sale the account of loss-making Burnpur Cement of West Bengal and has invited bids from Asset Reconstruction Companies (ARCs) to recover loan outstanding of over Rs 50 crore.
Placing the Non-Performing Account (NPA) on sale, PNB said the company owes Rs 50.18 crore as loan. The lender has put the reserve price for the sale of the account to ARCs/permitted transferees at Rs 20 crore.
PNB said it will bring copies of all documents at one place for the verification of the prospective buyer to expedite the process of due diligence.
Bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons, it added.
The bidding process will be conducted on PNB's e-auction portal on July 16, 2022.
Burnpur Cement has accumulated loss of over Rs 58.97 crore resulting in erosion of net worth of the company. The net worth of the company is negative at (-) Rs 282.03 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app