File Photograph of Punjab Countrywide Financial institution (Graphic: Reuters)
The three accounts are Mangalam Oil Industries with remarkable dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Engineering (Have confidence in) (Rs 5.41 crore).
- PTI New Delhi
- Last Updated: December 27, 2020, 11:36 IST
- Follow US ON:
State-run Punjab Nationwide Lender (PNB) has put up for sale a few stressed accounts, including Birsa Institute of Know-how (Belief), with full remarkable dues of virtually Rs 34.50 crore. “We intend to position 3 accounts for sale to ARCs/NBFCs/other financial institutions/FIs etc, on the terms and circumstances stipulated in the bank’s plan, in line with the regulatory recommendations,” PNB reported in an auction recognize.
The a few accounts are Mangalam Oil Industries with exceptional dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Know-how (Belief) (Rs 5.41 crore). Mangalam Oil Industries and Alliance Fibres are based mostly out of Ahmedabad and the 3rd just one is dependent in Raipur. The sale system is becoming undertaken by bank’s Pressured Belongings Targeted Resolution Motion (SASTRA) Division.
The SASTRA division is tasked to increase bank’s recovery mechanism submit the significant fraud triggered by the jewellers duo Nirav Modi and Mehul Choksi, unearthed in early 2018. The last date to get fascination from interested bidders is December 29, 2020 and the bids will be opened on January 6, 2021.
“Financial institution at its sole discretion could withdraw the account provided for sale, with out assigning any good reasons,” PNB stated.