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Synopsis
The NCLT, in its order, observed that due to the ongoing investigations, attachment of assets and the low likelihood of insolvency resolution, it was necessary to proceed with the liquidation of Gitanjali Gems
The National Company Law Tribunal (NCLT) has ordered the liquidation of Gitanjali Gems Ltd, a jewellery company where fugitive businessman Mehul Choksi was the Managing Director.
Vijay Kumar Garg, the resolution professional of Gitanjali Gems Ltd, submitted the application for liquidation. The order was passed by a division bench consisting of Judicial Member Kuldip Kumar Kareer and Technical Member Anil Raj Chellan.
In October 2018, Gitanjali Gems was admitted to the Corporate Insolvency Resolution…
Read the full article at: https://lawbeat.in/news-updates/nclt-orders-liquidation-fugitive-mehul-choksis-gitanjali-gems