state ownership Punjab National Bank (PNB) has put up the loss making account for sale Burnpur Cement of West Bengal Bids are invited from more property reconstruction companies (ARC) for recovery of outstanding loans of more than Rs.50 crore. keeping Non-Performing Account (NPA) on sale, PNB The company has an outstanding debt of Rs 50.18 crore. The lender has kept a reserve price of Rs 20 crore for the sale of the account to the ARCs/permitted transferees.

PNB said that it will bring copies of all the documents at one place for verification of the prospective buyer to expedite the due diligence process.

The Bank may, at its sole discretion, withdraw the account offered for sale without assigning any reason thereof.

The bidding process will be conducted on 16 July 2022 on the e-auction portal of PNB.

Burnpur Cement has incurred a loss of over Rs 58.97 crore, resulting in a decline in the total assets of the company. The net worth of the company is negative at (-) Rs 282.03 crore.