SBI seizes two properties following mortgage default
The State Financial institution of India has taken management of two residential properties which had been owned by superb jewelry model PC Jeweller. The financial institution has filed a case towards PC Jeweller after the enterprise defaulted on a mortgage valued at Rs 1,168.9 crore.
A current festive design by PC Jeweller – PC Jeweller- Fb
The State Financial institution of India has filed a case towards PC Jeweller on the Nationwide Firm Legislation Tribunal with the goal of recovering its funds, the Gem and Jewelry Export Promotion Council reported on its web site. PC Jeweller’s two properties in New Delhi had been mortgaged by the enterprise and its guarantors as safety for the financial institution mortgage.
The State Financial institution of India has issued a public discover which informs the general public to not have any dealings with the 2 properties as a result of they are going to be topic to the financial institution’s cost of Rs 1,267 crore. That is along with any funds withstanding from different secured collectors.
PC Jeweller has been hit with quite a few monetary difficulties since 2018 when its promoter and managing director Balram Garg was concerned in an alleged financial institution fraud case and arrested by the Enforcement Directorate. The enterprise has subsequently defaulted on loans with a number of banks and confronted seizures of its property to repay these loans.
The model has closed 17 of its brick-and-mortar shops within the first half of the 2024 monetary 12 months. As of September 30, 2023, PC Jeweller counted 63 operational shops, though its Delhi shops are at the moment shut as a result of court docket proceedings.
Copyright © 2023 FashionNetwork.com All rights reserved.
