 "Mehul Choksi is in Antigua and facing extradition over the ~14,000-cr Punjab National Bank fraud along with nephew Nirav Modi Illustration: Ajay Mohanty")
How quickly the mighty can fall — in six years, Gitanjali Gems has gone from being one of the best known jewellers to facing liquidation. Having defaulted on payments of dues to the tune of Rs 12,550 crore to 31 creditors, the company is headed for liquidation while its chairman Mehul Choksi remains a fugitive.
According to a notice filed on the BSE’s website, the company’s committee of creditors failed to approve extensions for a corporate insolvency resolution process, making liquidation the logical denouement.
Senior bankers said there was no resolution in sight. “Resources (money) are precious to us and
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