Islamabad, Jan 30: Bank Makramah Limited (PSX: BML) has successfully secured court approval for its settlement application with OMNI Group. The approval, announced via a stock filing on Thursday, comes after both parties reached an agreement on the recovery of non-performing loans (NPLs) owed by various companies within the OMNI Group and its affiliated entities.
In the official statement, the bank expressed its satisfaction with the court’s decision, stating, “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 owed by various companies of the OMNI Group and its affiliated entities.”
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The court decree, which is in favor of Bank Makramah, affirms the bank’s right to recover approximately PKR 10 billion. This amount will now be recoverable under the agreed terms set out in the settlement.
Bank Makramah Limited, which is principally engaged in the business of banking, has faced challenges with these NPLs. However, the successful resolution of this matter marks a positive step in its efforts to recover outstanding debts and ensure financial stability. The settlement with OMNI Group is expected to contribute significantly to the bank’s recovery efforts and enhance its financial position moving forward.
The approval from the court also reflects a growing trend of financial institutions and their borrowers seeking resolution through negotiated settlements rather than protracted legal battles. This agreement is a positive development for the banking sector, particularly in managing and recovering NPLs.
