The Mehul Choksi-run Gitanjali Gems, which owes over Rs 12,550 crore to 31 financial creditors and a key player in the Rs 14,000-crore PNB scam, is headed for liquidation as the committee of creditors have voted to end the resolution process citing time over-run.

Choksi and his nephew diamantaire Nirav Modi are absconding after the biggest financial fraud came to light in February 2018 and are facing extradition from Antigua and Britain, respectively.

Together the uncle-nephew duo have defrauded the state-run Punjab National Bank of Rs 14,000 crore between 2011 and 2017, using fake letters of undertaking through the bank’s Brady House branch in south Mumbai’s tony Horniman Circle area, which is a stone’s throw away from the Reserve Bank headquarters here.

“The 180 days since the resolution process began ended on April 6. Since extension is not approved by the lenders, the next logical step is to go for liquidation,” the company said in a BSE filing.In an exchange filing, ICICI Bank had earlier claimed dues worth Rs 890.20 crore from Gitanjali Gems, with a 7.09 per cent voting share in the committee of creditors.Overall, as many as 31 financial creditors have claimed dues worth over Rs 12,558 crore from Gitanjali Gems once owned by Choksi.

According to media reports, PNB has the largest exposure of Rs 5,518.5 crore and the highest voting share of 43.94 per cent. Corporation Bank , and Allahabad Bank Rs 521.81 crore are among the other major lenders to the jewellery company.The Corporate Affairs Ministry had earlier sought the NCLT intervention to attach the properties owned by Modi, his wife Ami, brother Nishal and uncle Choksi, across the world.