Bank Makramah Limited (PSX: BML) and OMNI Group have received court approval for their settlement application, the bank informed the main bourse on Thursday.
“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,” the stock filing stated.
“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,” it added.
The Bank is principally engaged in the business of banking.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan