Citibank obtains agreement to liquidate GFG units of more than $216 million in debt

By Silvia Martelli (June 8, 2022, 4:13pm BST) – Citibank has been cleared to liquidate three companies owned by embattled metal mogul Sanjeev Gupta, after showing they cannot pay $216m in debt , regardless of the impact of COVID-19 after their main lender collapsed, a London court has ruled.

When the London branch of Citibank NA filed for liquidation of three GFG Alliance companies, it had a reasonable belief that the pandemic was not the reason they were unable to pay their respective debts, wrote Chief Justice of the Insolvency and Companies Court, Nicholas Briggs. Tuesday.

Citibank, trustee of several notes issued by Greensill…

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