PNB to sell NPA account Apollo Distilleries & Breweries

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.