The National Company Law Tribunal Tuesday granted State Bank of India time till September 18 to file a rejoinder in response to the voluminous reply filed by PC Jeweller Ltd.
The counsel for the public sector bank had sought time from the principal bench of the tribunal, comprising of the president Justice (retd) Ramalingam Sudhakar and technical member Avinash K. Srivastava, to file a rejoinder to a 26-volume response sent by PC Jeweller on August 29.
At the last date of hearing on August 21, PCJ had sought a week’s time from the tribunal, until August 29, to file a reply to the 19-volume petition filed by the State Bank of India.
The bench asked the senior counsel representing the company to file a hard copy of the reply at the earliest. The PCJ case pertains to default on a loan of Rs 1,180.2 crore as on April 30 by the State Bank of India to the Delhi-based jeweller.
SBI filed a petition to initiate corporate insolvency resolution proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the listed company on June 7. The matter came up for hearing on July 26 and the bench issued notice in the case.
In October last year, PCJ in the stock exchange filing had stated that it had defaulted on Rs 3,466 crore in this regard, which led to banks recalling their loan and the State Bank of India moving the Debt Recovery Appellate Tribunal.
“We also submit that the four other banks of the Consortium, namely IDBI Bank, Indian Bank, Bank of India as well as Karur Vysya Bank have also issued their loan recall notices to the Company,” the company had informed in the BSE filing on February 7.
