Punjab & Sind Bank declares Golden Jubilee Hotels as fraud account

State-owned Punjab & Sind Bank on Saturday said it has declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as "fraud".

"It is informed that an NPA account viz Golden Jubilee Hotels Pvt Ltd with book outstanding of Rs 86.40 crore and 100 per cent provisioning has been declared as fraud and reported to the RBI as per regulatory requirement," it said in a filing to exchanges.

Golden Jubilee Hotels Pvt Ltd is a public-private partnership (PPP) with the Department of Tourism and Youth Advancement, Tourism & Culture, Government of Telangana, according to the hotel's website.

The hotel group was admitted for Corporate Resolution Insolvency Process (CRIP) on February 27, 2018, at the Hyderabad bench of the National Company Law Tribunal (NCLT), by a consortium of eight public sector lenders led by Bank of Baroda.