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.<\/p>\n\n\n\n
Choksi and his \nnephew diamantaire Nirav Modi are absconding after the biggest financial\n fraud came to light in February 2018 and are facing extradition from \nAntigua and Britain, respectively.<\/p>\n\n\n\n
Together the uncle-nephew duo \nhave defrauded the state-run Punjab National Bank of Rs 14,000 crore \nbetween 2011 and 2017, using fake letters of undertaking through the \nbank\u2019s Brady House branch in south Mumbai\u2019s tony Horniman Circle area, \nwhich is a stone\u2019s throw away from the Reserve Bank headquarters here.<\/p>\n\n\n\n
\u201cThe\n 180 days since the resolution process began ended on April 6. Since \nextension is not approved by the lenders, the next logical step is to go\n for liquidation,\u201d the company said in a BSE filing.In an exchange \nfiling, ICICI Bank had earlier claimed dues worth Rs 890.20 crore from \nGitanjali Gems, with a 7.09 per cent voting share in the committee of \ncreditors.Overall, as many as 31 financial creditors have claimed dues \nworth over Rs 12,558 crore from Gitanjali Gems once owned by Choksi.<\/p>\n\n\n\n
According\n to media reports, PNB has the largest exposure of Rs 5,518.5 crore and \nthe highest voting share of 43.94 per cent. Corporation Bank , and \nAllahabad Bank Rs 521.81 crore are among the other major lenders to the \njewellery company.The Corporate Affairs Ministry had earlier sought the \nNCLT intervention to attach the properties owned by Modi, his wife Ami, \nbrother Nishal and uncle Choksi, across the world.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":59321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-59320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=59320"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59320\/revisions"}],"predecessor-version":[{"id":59322,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/59320\/revisions\/59322"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/59321"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=59320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=59320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=59320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}