- Decision on sale of account of Madhya Pradesh based steel and agriculture company
- The reserve price (on cash basis) for the sale process has been fixed at Rs.95 crore.
- The company owes the bank Rs 199.90 crore
New Delhi. Public sector Punjab National Bank (PNB) has decided to sell the accounts of a Madhya Pradesh-based steel and agriculture company to recover its dues of Rs 200 crore. National Steel and Agro Industries Limited owes the bank Rs 199.90 crore.
The bank said in an auction notification, “We intend to sell the accounts of the company to Asset Reconstruction Companies (ARCs) / Non-Banking Financial Companies (NBFCs) / other banks / financial institutions in accordance with the terms and conditions of the Bank in accordance with the regulatory guidelines. Huh.”
PNB has fixed a reserve price (on cash basis) at Rs 95 crore for the sale process. The Bank has assured to make every effort to expedite the process of scrutiny for the prospective bidders and to bring copies of the documents at one place for the purpose of buyer verification.
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