Nakshatra World is a subsidiary of fugitive businessman Mehul Choksi-owned Gitanjali Gems.
New Delhi: The Mumbai division of chapter court docket NCLT has ordered liquidation of Nakshatra World, a subsidiary of fugitive businessman Mehul Choksi-owned Gitanjali Gems. In 2019, ICICI Financial institution had filed an insolvency petition in opposition to the corporate.
The court docket appointed Santanu Ray, a companion from Delhi-based AAA Insolvency Professionals LLP, because the liquidator. “In view of the choice of the CoC, we’re inclined… to provoke liquidation course of in opposition to the Company Debtor,” the devoted insolvency court docket stated in an order launched on Sunday. ICICI Financial institution didn’t instantly touch upon the matter.
Value mentioning right here is that in January 2018, the Central Bureau of Investigation (CBI) had unearthed a financial institution fraud costing about Rs 14,357 crore on a criticism filed by state-owned Punjab Nationwide Financial institution, the lead lender to the Gitanjali Group promoted by Choksi.
One of many group corporations Nakshatra World, engaged within the design and distribution of jewelry, was going by way of an insolvency decision course of since January 2019. No decision was discovered as all of the property have been connected by the Enforcement Directorate beneath the Prevention of Cash Laundering Act.
Two different group corporations, together with Gitanjali Gems and Nakshatra Manufacturers, are additionally pending with the Mumbai bench of the NCLT because the Committee of Collectors has filed purposes for liquidating these corporations as properly.
Ravikumar Duraisamy and HP Chaturvedi headed the bench that handed the order.
A consortium of 31 banks has filed claims of Rs 5,280 crore on the Gitanjali group of corporations.
“We are going to make all efforts to unlock the property mortgaged to monetary collectors by utilizing our expertise of different corporations resembling Nirav Modi, Vikram Kothari, REI Agro, Varrsana Ispat Restricted and many others. in expediting the de-attachment and sale of the property for distribution to the stakeholders,” the Financial Instances quoted as saying Anil Goel, founding father of AAA Insolvency Professionals LLP.