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The Bombay High Court has allowed a consortium of banks, led by Punjab National Bank, to transfer a long-running liquidation case against Gili India Limited to the National Company Law Tribunal (NCLT) for possible revival.
Gili India, part of the Gitanjali Group and owned by fugitive diamond trader Mehul Choksi—an Antiguan and Barbudan citizen—has been under investigation for alleged fraud involving ₹400 crore in loans.
Originally facing a winding-up order in 2018, the company may now be restructured under India’s Insolvency and Bankruptcy Code (IBC). Justice Sharmila U Deshmukh said this route would serve creditors and stakeholders better, preventing the company’s “civil death.”
The move was supported by the official liquidator, with the court ordering that all documents be transferred to the NCLT in Mumbai.
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This move makes sense. Insolvency resolution through the IBC offers a better shot at recovering public money than letting the company die through liquidation.
Antigua and Barbuda needs to rethink its citizenship-by-investment vetting process. Choksi’s case is a black mark on the country’s reputation.
Economic fugitives exploiting international loopholes is a global issue. Countries offering economic citizenship must uphold stricter due diligence.
This CIP gives the lawyers work, and all a them will shut their mouth and say nothing.