Business Standard

PNB to sell NPA account Apollo Distilleries, Breweries worth Rs 44 cr

The last date of submission of expression of interest is August 31, 2022 while the due diligence is to be completed by September 7, said the lender

Punjab National bank

Punjab National bank to sell NPA account Apollo Distilleries, Breweries worth Rs 44 cr. | Photo: Shutterstock

Press Trust of India New Delhi
State-owned Punjab National Bank (PNB) has put up for sale its NPA account Apollo Distilleries & Breweries with loan outstanding of nearly Rs 44 crore due against the company.
Inviting asset reconstruction companies (ARCs) to put their bids for transferring the loan account of Apollo Distilleries & Breweries, the city-based lender said it will expedite the due diligence process and make available the documents at one place for verification of the prospective buyer.
However, PNB said it will be at its sole discretion to withdraw the account offered for transfer, without assigning any reasons.
The last date of submission of expression of interest is August 31, 2022 while the due diligence is to be completed by September 7, said the lender.
The tentative date of e-bidding, to happen on a 100 per cent cash basis, is September 12.
A subsidiary of Chennai-based Empee Distilleries Ltd (EDL), Apollo Distilleries and Breweries (ADPL) owns and operates a distillery plant with an installed capacity of 50,000 kilo litre per annum in Tamil Nadu.
EDL is in the resolution process under Insolvency and Bankruptcy Code (IBC). The NCLT Chennai bench on January 20, 2020 approved the resolution plan submitted by one of the resolution applicants.

(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.)

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First Published: Aug 26 2022 | 4:23 PM IST

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