Mehul Choksi’s company Nakshatra World is a design distribution company which is facing insolvency process since 2019. ET has attached all the assets of the earlier company under the Money Laundering Act.
Mehul Choksi’s company will be sold
The difficulties of businessman Mehul Choksi, who left the country by defrauding the banks of crores, is not taking the name of diminishing. The National Company Law Tribunal has approved the sale of Mehul Choksi’s company Gitanjali Gems to Nakshatra World, a subsidiary company. Actually this decision of sale has been taken after the petition by ICICI Bank. The bank had filed a petition for this about 2 years ago. Now the NCLT court has decided that by selling this company, the recovery of the bank will be done.
The court has appointed Shantanu Ray, partner, Delhi Insolvency Professionals LLP, as liquidator for the sale of Nakshatra World. This company of Mehul is going through the bankruptcy process since the year 2019. Now the bank will be able to recover its amount by selling the company. Earlier, in the case of Vijay Mallya also, the country’s largest bank SBI got permission to sell personal assets, after which the bank had recovered about 5000 crores.
14,357 crore case
Mehul Choksi along with his nephew Nirav Modi had fraudulently worth about 14,357 crores from Punjab National Bank. After which this big fraud was exposed after the complaint of the bank. Mehul Choksi’s company Nakshatra World is a design distribution company which is facing insolvency process since 2019. ET has attached all the assets of the earlier company under the Money Laundering Act. Now the ED is initiating the process of selling the attached assets one by one. In the year 2018, this fraud of Mehul Choksi and Nirav Modi came to the fore. Since then the legal process is going on continuously.
Mehul tops the list of willful defaulters
Mehul Choksi’s name is on the top in the list of willful defaulters who willfully do not repay the loans of the banks. Banks’ loan of Rs 5071 crore on Mehul Choksi’s company Gitanjali Gems has already become NPA. Out of this, a loan of Rs 622 crore has already been written off in the bank i.e. its recovery is finding it difficult. Mehul Choksi’s company Gitanjali Gems’ business is spread not only in India but in many countries of the world.
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