Overview
- Special judge AV Gujarathi permitted liquidator Shantanu Ray to value and auction 13 unsecured properties of Gitanjali Gems, with an indicated value of about ₹46 crore.
- The order requires net sale proceeds to be placed in fixed deposits with ICICI Bank in the court’s name under PMLA safeguards, with final ownership or confiscation to be decided after trial.
- The Enforcement Directorate did not object to the valuation and auction and confirmed its attachment over the properties remains in force.
- The assets identified include four flats in Borivali, an office unit in the Bharat Diamond Bourse at BKC with parking, multiple industrial galas in Goregaon, and silver bricks, semi‑precious stones and machinery from the Jaipur SEZ.
- In a separate direction, the court ordered release of a 95.51‑acre mortgaged land parcel in Ranga Reddy, Telangana, to IDBI Bank tied to a $62 million ECB, with any sale proceeds to be secured as fixed deposits.