The fine jewellery company PC Jeweller was brought before the National Company Law Tribunal by the State Bank of India, who requested that insolvency proceedings be started against the company. Now that PC Jeweller has missed payments on loans, a response must be filed.
According to PC Jeweller’s most recent quarterly results, which were published by the Press Trust of India, “Total exposure outstanding as on 31 March 2023 amounting to Rs 3,626.09 crore includes provision for interest up to 31 March 2023 (the company has, however, legally challenged the same), which has been calculated based on management’s estimates, and which stands accrued but not applied by banks post NPA [non-performing assets] down-gradation.”
According to ET Bureau, the consortium that supplied money to PC Jeweller is headed by the State Bank of India. While some of the affected banks have produced data without the added interest, others have offered their confirmation of the total amount of the existing loans as of the end of the 2023 fiscal year. “Company’s accounts have been classified as NPA with its lenders since June 2021, and its resolution process had been underway,” claimed PC Jeweller. The company trades, produces, and sells diamond, gold, and silver jewellery through its physical stores and online store.
