PC Jeweller Ltd. said its lender State Bank of India (SBI) accepted the one-time settlement (OTS) proposal submitted by the company.

State-run lender SBI conveyed its acceptance on the OTS proposal via a letter dated 12 March, the Indian jewelry retailer said in a stock exchange announcement today.

The New Delhi-based jeweler, which had opted for OTS to settle the outstanding dues, said the terms include cash and equity component, as well as release of securities and mortgaged properties.

SBI had earlier filed a petition to initiate corporate insolvency resolution process against PC Jeweller before the New Delhi bench of the National Company Law Tribunal, claiming a default of 1,180.20 crore rupees ($143 million) as of 30 April 2023.

Note: $1 = 82.7883 Indian rupees

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