Mehul Choksi.
Mumbai: The dedicated bankruptcy court has admitted the insolvency petition filed by ICICI Bank Ltd. against absconding diamantaire Mehul Choksi-promoted Gitanjali Gems Ltd. This is the first insolvency petition filed by the lender since a probe was launched by government agencies against Choksi and his nephew Nirav Modi for their alleged involvement in the over $2 billion Punjab National Bank (PNB) fraud.
Sagar Divekar, counsel for ICICI Bank, informed the Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday that Gitanjali Gems has defaulted on dues of about Rs 608 crore.
These dues were in the form of working capital loans and external commercial borrowings (ECBs), said Divekar, adding the company owes over …
Read the full article at: https://www.livemint.com/Companies/MzjxgHkz3Ku5aSIIoXA7IK/NCLT-admits-insolvency-plea-against-Gitanjali-Gems.html