Monday, December 5, 2022

HomePNB puts three stressed accounts up for sale

PNB puts three stressed accounts up for sale

The accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).

Punjab National Bank (PNB) has put up for sale three stressed accounts, with total outstanding dues of nearly Rs 34.50 crore.

The accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).

The process is being undertaken by the state-owned bank’s Stressed Assets Targeted Resolution Action Division.

“We intend to place three accounts for sale to ARCs/ NBFCs/ other banks/ FIs etc, on the terms and conditions stipulated in the bank’s policy, in line with the regulatory guidelines,” a PNB auction notice said.

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