PNB to sell NPA Apollo Distilleries & Breweries account
The state-owned Punjab National Bank (PNB) has put its NPA Apollo Distilleries & Breweries account up for sale with an outstanding loan of almost Rs 44 crore due against the company.
Inviting Asset Reconstruction Companies (ARCs) to submit offers for the Apollo Distilleries & Breweries loan account transfer, the city-based lender said it would expedite the due diligence process and put the documents available in one place for the verification of the potential buyer.
However, PNB said it will be at its sole discretion to remove the account offered for transfer, without giving reasons.
The deadline for submitting expressions of interest is August 31, 2022 while due diligence must be completed by September 7, the lender said.
The tentative date for the electronic auction, which will be held on a 100% cash basis, is September 12.
A subsidiary of Chennai-based Empee Distilleries Ltd (EDL), Apollo Distilleries and Breweries (ADPL) owns and operates a distillery with an installed capacity of 50,000 kiloliters per year in Tamil Nadu.
EDL is in the process of resolution under the Insolvency and Bankruptcy Code (IBC). On January 20, 2020, the NCLT Chennai bench approved the resolution plan submitted by one of the resolution candidates.
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