The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator.
The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over Rs 12,558 crore.
The CoC (committee of creditors) with requisite voting has approved the liquidation of the corporate debtor in view of bleak chances of receiving any resolution plan, the division bench of judicial member Kuldip Kumar Kareer and technical member Anil Raj Chellan said in its order of February 7. This tribunal has very limited powers of judicial review in such matters of …
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