The indebted jewelry firm claimed that the settlement included both cash and stock components in accordance with the OTS's authorized terms and circumstances. The plan also calls for the release of bank-owned securities and mortgaged assets.
The problems for PC Jeweller started in February 2023 when banks decided to revoke loans that had been granted to the firm after it was discovered in a filing that the business had fallen behind on debts totaling Rs 3,466 crore from banks and other financial institutions.
On July 7, PC Jeweller notified stock markets that Punjab National Bank (PNB) had approved its One Time Settlement (OTS) plan. It said that in a letter dated July 6, PNB, one of the top banks in the consortium that provided loans to PC Jewellers, communicated their choice.
The indebted jewelry firm claimed that the settlement included both cash and stock components in accordance with the OTS's authorized terms and circumstances. The plan also calls for the release of bank-owned securities and mortgaged assets.
The respite comes more than three months after the company's One Time Settlement (OTS) plan was approved by the biggest lender in the nation, State Bank of India (SBI).
The problems for PC Jeweller started in February 2023 when banks decided to revoke loans that had been granted to the firm after it was discovered in a filing that the business had fallen behind on debts totaling Rs 3,466 crore from banks and other financial institutions.
The firm disclosed that it had taken out loans from fourteen banks, including SBI, Indian Bank, Union Bank, and Punjab National Bank, in its annual report for the fiscal year 2021–2022. The firm said in its annual report that it owed the banks Rs 3,278 crore, which comprised the base sum plus interest.
The biggest lenders include Indian Bank with Rs 226 crore, Punjab National Bank with Rs 478 crore, Union Bank of India with Rs 530 crore, and SBI with Rs 1,060 crore in unpaid debt.
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