The petitioner, Balram Garg, approached the Delhi High Court challenging a Lookout Circular (LOC) issued against him by the Bureau of Immigration at the request of the State Bank of India (SBI). The petitioner is the Managing Director of PC Jewellers Limited. SBI, as the lead bank of a consortium of 13 banks, initiated proceedings against PC Jewellers due to financial turbulences faced by the company in 2022. SBI also filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT). During the pendency of these proceedings, a One Time Settlement (OTS) was arrived at, and SBI informed the petitioner that most lenders had agreed to the compromise. The petitioner deposited Rs. 113.50 crore in SBI's No Lien
…Balram Garg, the Managing Director of PC Jewellers Limited, faced a Lookout Circular (LOC) issued against him by the Bureau of Immigration at the request of the State Bank of India (SBI). PC Jewellers, a company incorporated under the Companies Act, 1956, experienced financial difficulties in 2022. SBI, the lead bank of a consortium of 13 banks, initiated recovery proceedings under Section 19 of the Recovery & Bankruptcy Act, 1993, and filed Original Applications before the Debt Recovery Tribunal, Delhi. SBI also filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT). A One Time Settlement (OTS) was reached, and SBI informed Garg that most lenders had agreed to the compromise. Garg deposited
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PC Jewellers Limited…
PC Jewellers…
The petitioner, Balram Garg, approached the Delhi High Court challenging a Lookout Circular (LOC) issued against him by the Bureau of Immigration at the request of the State Bank of India (SBI). The petitioner is the Managing Director of PC Jewellers Limited. SBI, as the lead bank of a consortium of 13 banks, initiated proceedings against PC Jewellers due to financial turbulences faced by the company in 2022. SBI also filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 before the National Company Law Tribunal (NCLT). During the pendency of these proceedings, a One Time Settlement (OTS) was arrived at, and SBI informed the petitioner that most lenders had agreed to the compromise. The petitioner deposited Rs. 113.50 crore in SBI's No Lien
…Balram Garg, the Managing Director of PC Jewellers Limited, faced a Lookout Circular (LOC) issued against him by the Bureau of Immigration at the request of the State Bank of India (SBI). PC Jewellers, a company incorporated under the Companies Act, 1956, experienced financial difficulties in 2022. SBI, the lead bank of a consortium of 13 banks, initiated recovery proceedings under Section 19 of the Recovery & Bankruptcy Act, 1993, and filed Original Applications before the Debt Recovery Tribunal, Delhi. SBI also filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT). A One Time Settlement (OTS) was reached, and SBI informed Garg that most lenders had agreed to the compromise. Garg deposited
…PC Jewellers Limited…
PC Jewellers…