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NCLT orders Mehul Choksi-promoted Gitanjali Gems' liquidation under IBC law

The National Company Law Tribunal (NCLT) has ordered liquidation of jewellery retailer Gitanjali Gems, promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The bench also appointed Santanu T Ray as the liquidator, who will complete the liquidation process as per the provisions of the IBC, 2016, according to an NCLT order, filed on BSE. The resolution professional of the jewellery retailer, Vijay Kumar Garg, filed the application for liquidation in NCLT. Garg informed the tribunal that on account of the alleged fraud perpetrated by Gitanjali Gems and its officers, the affairs were under investigation by multiple law enforcement agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). He said that the ED had issued orders attaching the properties of Choksi. In his application, Garg informed the tribunal that immediately after the appointment he wrote to various investigation authorities ..

NCLT orders Mehul Choksi-promoted Gitanjali Gems' liquidation under IBC law
Updated On : 19 Feb 2024 | 10:01 PM IST