5 months ago
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MUMBAI: In a measurement towards liquidation of Gitanjali Gems Ltd, the institution astatine the centre of the Rs 23,000 crore Punjab National Bank fraud lawsuit involving Nirav Modi and his uncle Mehul Choksi, a peculiar PMLA tribunal allowed the company's liquidator to proceed with valuation and consequent auction of 13 unsecured properties valued implicit Rs 46 crore, reports Rebecca Samervel. Among the assets are 4 flats astatine Borivli (each valued astatine Rs 2.6 crore), a commercialized portion successful the cardinal helping of Bharat Diamond Bourse successful BKC, on with 14 car parking spaces (Rs 19.7 crore), six concern galas successful Goregaon (E) (Rs 18.7 crore), metallic bricks, semi-precious stones, and machines astatine the company's installation successful Jaipur SEZ (Rs 90,120). The valuations are from 2018. Special justice AV Gujarathi said, "If the spot is kept idle and without maintenance, it volition decidedly trim the value.
Hence, it is indispensable to walk an bid successful this lawsuit urgently."Court: Sale proceeds of Choksi's assets to beryllium fixed to affected lenders The justice said the liquidator is allowed to transportation retired the requisite valuation of the properties held by GGL. "Post undertaking the aforesaid valuation process, the liquidator is allowed to auction the unsecured properties which are held by GGL...by pursuing owed process nether the applicable law, and the aforesaid beryllium facilitated by the ED," the justice said. It was further directed the liquidator is allowed to unfastened a fixed deposit with ICICI Bank (being the pb slope for GGL Consortium and NWL Consortium) for the proceeds from the merchantability of assets.
NWL Consortium is simply a consortium of banks with ICICI Bank arsenic the lead. They are creditors to companies progressive successful PNB scam. "The merchantability proceeds shall beryllium deposited arsenic FDs aft deducting each associated costs and expenses incurred for the intent of carrying retired valuation and auction. The merchantability proceeds deposited successful the signifier of FDs volition beryllium successful favour of this court." The justice besides said the merchantability proceeds deposited successful the signifier of FDs volition beryllium distributed to the aggrieved lenders. The exertion was moved by GGL's liquidator nether the PMLA Act. It was submitted that the committee of creditors (CoC) initiated proceedings for liquidation by passing a solution successful 2019. The liquidator was appointed by an bid of the National Company Law Tribunal (NCLT) dated Feb 7, 2024. On Sept 10, 2024, the peculiar tribunal allowed the liquidator to behaviour the valuation of "secured properties" held by the institution headed by Nirav Modi and Choksi.
The tribunal past called for the reply of ED. In its reply submitted done peculiar nationalist authoritative Kavita Patil, ED said the plea moved by the liquidator was successful the involvement of justness and a indispensable bid whitethorn beryllium passed. ED did not entity to the plea. Nirav and Choksi are being held successful jails successful the UK and Belgium, respectively.
