The Mumbai chapter of the National Company Law Tribunal (NCLT) ordered the liquidation of Nakshatra World, a subsidiary of
, one of the group companies promoted by fugitive businessman Mehul Choksi.
The ruling came on an insolvency petition ICICI Bank filed around two years ago against the company, which was also allegedly involved in a money laundering case reported at the
. The court appointed Santanu Ray, a partner from Delhi-based AAA Insolvency Professionals LLP as the liquidator.
In view of the decision of the CoC, we are inclined to initiate liquidation process against the Corporate Debtor, the dedicated insolvency court said in an order released on Sunday. Accordingly, the Adjudicating Authority Orders for initiation of Liquidati…
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