The Bombay High Court has allowed a group of banks, led by Punjab National Bank (PNB), to move a long-running legal case against Gili India Limited to the National Company Law Tribunal (NCLT). Gili India Limited is owned by Mehul Choksi, a citizen of Antigua and Barbuda.
Choksi, a diamond trader wanted by Indian authorities for serious charges like criminal conspiracy, cheating, and money laundering, has citizenship in Antigua and Barbuda through investment.
The court’s decision, rooted in the belief that reviving the company is essential for the benefit of its stakeholders, emphasizes a proactive approach to corporate recovery.
Justice Sharmila U Deshmukh highlighted that opting for revival under the Insolvency and Bankruptcy Code…