Committee of Creditors decides to liquidate Mehul Choksi's Geetanjali Gems

A committee of creditors has decided to liquidate Mehul Choksi's Gitanjali Gems to recover over 12 thousand crore rupees.

Choksi and his nephew Nirav Modi are absconding since February last year after the 14,000 crore rupees PNB scam came into light.

The lenders rejected a resolution proposal and voted for liquidation, citing time over-run beyond the 180 days. The major lenders include PNB, ICICI Bank,



Corporation Bank and Allahabad Bank.

Overall, as many as 31 financial creditors have claimed dues worth over 12,558 crore rupees from Gitanjali Gems.

Market Regulator SEBI is also looking into the matter as the Corporate Affairs Ministry has sought the help of Central Board of Direct Taxes to ascertain the assets of the prime accused and other related parties.