First of all, dont be confused because confusions will lead to you some more confusions and at the end of the day yopu will not have any robust solution for your problem. So consultations are good to come to a one final decision but again if there are 10 people to guide, there wlll be 10 different opinions and who is saying right again will be a big confusion, so dont get confused, based on all of the answers, decide what you want to do.
Further, according to me, PTU's licence has been cancelled last year sometimes, so I dont know weather they had been able to regain it or not, but that is not your problem. If you have received your degree before their lincence got cancelled, than it is as valid as any other University Degree, second if the degree is valid no matter you did that course by attending colleges, classes or by distance learning, so dont worry about weather you will get a job or not. If any company refuses to give you a job just because you did a distance learning course, than let me tell you my friend, you have legal right to go against those companies, cause legally no organisation or corporation or company can deny your potential only because you have a distance learning degree.
I am an advocate bu profession and I, myself have more than 6 diplomas in different areas while I was studying LLB, and all of them are distance learning diplomas cause I neither could afford the fees not could afford to attend the classes, but because I wanted to do it for my bright future, I did that and I dint think at that point of a time that weather I will get a job or not, because that is just pointless. Just think, if distance learning is of no use, than why would universities offer such courses???? Let me tell you one more thing, it is not only the Indian colleges, or Universities who offeres distance learning coureses, there are foreign colleges and universities as well offeres distance learning courses and value of such courses are in demand in Indian companies, so if they can except foreign distance learning degree than why not Indian???
First and formost you need to check weather you obtained your degree before the licence got cancelled or after??? If you got it before it got cancelled, dont worry and logically and legally you should get a job, if some company says something else just to not to hire you than its a different story but as far as your degree is concerened, legally you should get a job. But, if you have got a degree after the licence got cancelled, than there is a problem, because the importance of the degree will be nothing because it has been issued after the licence got cancelled, so it has no importance and legally as well you cant do anything about it.
I hope I have made it clear to very well. Just have confidence in you that you did it right and the same will reflect while you are giving an interview.
I wish you all the very best nad I hope you get what you want very soon.