New Delhi: The public sector lender State Bank of India (SBI) has petitioned the NCLT to begin bankruptcy proceedings against PC Jeweller, a city-based jewellery producer and retailer, alleging a default.
Last week, PC Jeweller was notified by the chief bench of the NCLT in Delhi that it must respond to the section 7 Insolvency and Bankruptcy Code plea brought by its financial creditor SBI.
The matter was directed to be listed as SBI's plea on August 2 for further consideration by the principal bench presided over by President Justice Ramlingam Sudhakar.—Inputs fromAgencies
