The bankruptcy court in Mumbai has allowed an application filed by the liquidator of Gitanjali Gems to exclude about 260 days from the liquidation process of fugitive diamantaire Mehul Choksi-promoted firm’s liquidation process. The company’s liquidator Santanu T Ray has sought exclusion for almost nine months due to ongoing investigations and proceedings under the PMLA (Prevention of Money Laundering Act) against the company and its promoters. The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018.
The company’s total admitted liabilities stood at Rs 39,024 crore, which includes the admitted financial dues of over Rs 25,112 crore.
The division bench of Judicial member KR Saji…
