 "NCLT, IBC")
The National Company Law Tribunal's (NCLT's) Mumbai Bench has admitted Gitanjali Gems under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code, a sequel to ICICI Bank's petition in this regard.
The bank is the lead lender to the jewellery company and is seeking to recover Rs 6.08 billion through the CIRP. Gitanjali has borrowed a total of Rs 59.8 billion from various banks in the form of working capital loans and External Commercial Borrowing.
Gitanjali and its promoter, Mehul Choksi, have been accused of a criminal conspiracy, cheating and money laundering, in collusion with a branch manager
