Facing insolvency, PSU Burn Standard eyes monetising land to stay afloat

The 230-year-old firm has debt of Rs 2.85 bn and 422 acres of land worth Rs 8 bn, across several states

Laden with an outstanding debt of nearly Rs 2.85 billion, the iconic public sector enterprise, Burn Standard Company, which is facing the insolvency resolution process in the Kolkata bench of the National Company Law Tribunal (NCLT), is banking on monetisation of landholding to save the company from liquidation.

Sources said the company, which traces back its foundation to 1781, has nearly 422 acre of land across West Bengal, Jharkhand, Rajasthan, Tamil Nadu and other locations which is valued at nearly Rs 8 billion -- enough to pay the outstanding dues to its financial and operational creditors as well as the retired