Punjab & Maharashtra Co-operative Bank has invited bids for two aircraft, i.e, Dassault Falcon 2000 and Bombardier Challenger, the lender said in a newspaper notice. The tender documents for the sale detailing terms and conditions will have to be collected from the lender's office between Jan 4 and Feb 6 on payment of 10,000 rupees, the notice said.

Inspection of relevant documents would be allowed between Jan 4 and Feb 10 to those who have collected the tender papers. The sealed bids along with earnest money deposits are to be submitted by 1700 IST Feb 17. Earnest money deposit is 10percent of the offer amount for both the Falcon and Challenger aircraft. The successful bidder would have to deposit 25percent of the sale amount, without the earnest money deposit, within seven days from the date of being declared successful bidder, following which the lender will issue a confirmation letter.

The remaining 75percent would have to be deposited within seven days of the confirmation of sale. PMC Bank, which has been under the Reserve Bank of India's administration for over a year, in early November, had sought new investors to take control of the bank by infusing capital and reviving daily operations.

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