PNB puts 5-star hotel site on sale; e-auction to be held on Sept 10
Punjab National Bank (PNB), Mohali, has put an imminent five-star hotel site in the Industrial Area, Phase II, on sale. The 178-room hotel is being constructed by Joy Hotel and Resorts Private Limited.
The move to sell the hotel site has been undertaken by PNB after Joy Hotel and Resorts failed to clear the dues of Rs 57 crore to the bank as well as the Tourism Finance Corporation of India (TFCI). As per the PNB officials, the company constructing the hotel owed an amount of Rs 31,09,46,343 to the PNB and Rs 25,46,88,060 to the TFCI.
The e-auction of the hotel site will be held by PNB on September 10; and notices in this regard have been issued in newspapers. The last date for submission of earnest money and documents is September 9.
Earlier, a deemed possession notice was pasted by PNB outside the construction site of the mentioned five-star hotel, in plot number 33-34 in the Industrial Area, Phase II.
According to the details shared by Arun Sadana, who is the AGM of the Punjab National Bank, Phase I, Mohali, a demand notice had been issued by the TFCI on January 15; with the PNB following up the move by issuing a demand notice on February 15.
Source- The Tribune
5-star hotel, industrial area, Joy Hotel and Resorts Private Limited, Punjab National Bank, Tourism Finance Corporation of India
