Bank Makramah secures court approval for Rs10bn loan recovery from Omni Group

Settlement to enable the bank to recover non-performing loans under agreed terms

Bank Makramah Limited (BML) has received court approval for a settlement application filed to recover non-performing loans (NPLs) owed by various companies affiliated with the OMNI group. 

BML disclosed this development to the Pakistan Stock Exchange (PSX) through a notice on Thursday in accordance with Section 96 of the Securities Act, 2015 and clause 5.6.1(a) of the PSX Rule Book.

“We are pleased to inform that the Court has accepted the settlement application filed by Bank Makramah Limited and OMNI Group for the recovery of non-performing loans (NPLs) owed by various companies of the Omni Group and its affiliated entities,” read the notice sent to the PSX. 

In a significant legal development, the court has issued a decree in favor of the bank, allowing it to recover approximately Rs10 billion under the agreed settlement terms.

“The Court has graciously issued a decree in favor of the Bank, affirming its right to recover approximately PKR 10 billion, which will now be recoverable under the agreed terms of the settlement,” BML’s said. 

The bank has assured stakeholders that the recoverable amount will be processed in accordance with the settlement agreement.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read