Fine jewellery brand PC Jeweller has chosen a ‘One Time Settlement’ to pay its dues to a consortium of banks. This includes the Punjab National Bank, which has given its approval for the settlement plan.
“Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company,” announced PC Jeweller as part of a regulatory approval, the Press Trust of India reported.
The one time settlement includes both cash and equity components such as the release of mortgaged properties among others. At the end of May this year, PC Jeweller noted that the State Bank of India had chosen to withdraw its petition against it from the National Company Law Tribunal.
“The core strengths of the company in the form of manufacturing and designing capabilities, manufacturing facilities, skilled staff, soft skills in the form of systems and procedures, customer policies etc remain intact,” reported the business. PC Jeweller continues to maintain its network of jewellery showrooms across India.
PC Jeweller also plans to launch new jewellery collections to engage and connect with new customers, India Retailing reported. The business will work on its franchise operations and focus on cost optimisation moving forward.
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