PNB puts up National Steel & Agro Industries for sale to recover Rs 200cr dues
The National Bank of Punjab (PNB) has put a steel and agricultural company based in Madhya Pradesh up for sale for around Rs 200 billion. National Steel and Agricultural Industries Co., Ltd has a bank balance of Rs 199.90.
"Our intention is to submit the account to the ARC / NBFCs / other banks / financial institutions for sale in accordance with the terms of banking policy in accordance with legal guidelines," the PNB said during the auction. Information.
The reserve lender (on a cash basis) put Rs 95 crore up for sale.
In order for the potential bidder to speed up the due diligence process and to verify the buyer, the bank announced that it will do its best to keep copies of the documents in one place. However, he added that the bank has the discretion to withdraw the account for sale without giving any reason.
The PNB set December 8th as the deadline for completing the precision exercise. The deadline for submitting binding bids is December 9, the reopening of bids is scheduled for December 10, 2021.
