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.