SBI has initiated recovery proceedings against the company and the matter is now pending before the Debt Recovery Appellate Tribunal (DRAT)
New Delhi: PC Jeweller Ltd on Tuesday said four banks namely IDBI Bank, Indian Bank, Bank of India and Karur Vysya Bank, have issued loan recall notices to the company.
In a regulatory filing, PC Jeweller said SBI has initiated recovery proceedings against the company and the matter is now pending before the Debt Recovery Appellate Tribunal (DRAT).
The case filed by SBI was listed before DRAT on Tuesday and the court has fixed the next date of hearing on February 28, it said.
“In this connection, we also submit that the four other banks of the Consortium, namely IDBI Bank, 1ndian Bank, Bank of India as well as Karur Vysya Bank have also issued their loan recall notices to the company,” PC Jeweller said.
Meanwhile all the company’s showrooms except three, namely, Preet Vihar, Pitampura and Kingsway Camp (all in Delhi) are operational, it added.
Shares of the company closed down by 4.98 per cent at Rs 39.15 apiece on BSE on Tuesday.
