- Another angle in Phoenix activities
- AP Gems and Jewelers
- What caused the Ace Urban initiative?
- Ever on 2 acres expensive land
- A huge benefit to Phoenix with CIRP
Tolivelugu Crime Bureau, Hyderabad: Mehul Choksi is a well-known diamond trader. He fled abroad wearing a hat to the Punjab National Bank. Most people know him as a financial criminal. However, AP Gems and Jewels Park, currently owned by Mehul Choksi, is being acquired by Ace Urban Limited through corporate insolvency proceedings (CIRP).
It seems that the process has started as per the directions of the Hyderabad Bench of the National Company Law Tribunal.
A bench comprising NVR Badrinath and A. Veerabrahmarao approved the bankruptcy proceedings. It is learned that Ace Urban has also agreed to pay off the Rs 107 crore debt of AP Gems and Jewels. Already in 2018, the Enforcement Directorate (ED) has attached the two lakh square feet five-storey building, the most expensive two-story land owned by Choksi AP Gems & Jewels on Banjara Hills Road No. 10.
AP Gems and Jewels is alleged to have entered into the CIRP as soon as it received the application from Phoenix Tech Tower Company in accordance with the erroneous agreement. Tolivelugu successfully unveiled the Phoenix occupation of disputed lands worth thousands of crores in Hyderabad. It seems that investigations have already begun on some by the concerned authorities.