More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd.
As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This comes even as the jewellery industry is reeling under the fallout of the scam involving Nirav Modi and Mehul Choksi, the promoter of Gitanjali Gems.
The corporate insolvency resolution process commenced for Winsome Diamonds (formerly Su-Raj Diamonds and Jewellery Ltd) on February 13 and creditors were asked to submit their claims by February 27.
Under CIRP, the insolvency professional (I…
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