Insolvency proceedings against Winsome Diamonds and Jewellery initiated

February 21st, 2018

Lenders initiate insolvency proceedings against Winsome Diamonds and Jewellery

Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional, Economic Times reported. 

Creditors have been asked to submit their claims by February 27. Under the insolvency process the board of Winsome Diamonds was suspended and the IRP vested with the power of the board, said the Economic Times report. 

Read more here