Finally after a long wait , NCLT admitted Corporate Insolvency Resolution Process against Gitanjali Gems left by absconder Mehul Choksi and Nirav Modi .
As a measure, Vijay Garg has been appointed as IRP (Insolvency Resolution Professional) one suggestion of the bank.
Now all the lenders/Operational creditors can move application before IRP for recovery of their dues from them.
Now the SFIO , ED , & RP can work together for recovery of assets of the company .
The dues were given as working capital loans and external commercial borrowings (ecb’s).
ICICI lone share is Rs 608 crore and for entire consortium the amount comes to Rs. 5980.
Both uncle and nephew duo is expected to dupe around $ 2 billion of PNB funds.
The petition was filed by ICICI bank on behalf of consortium of lenders that was accepted by NCLT Mumbai.
For more info on the subject, please dial 7888-356908.