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SC blocks Ponzi schemes’ move to NCLT

DNMUM405290 | 1/12/2018 | Author : Manju AB | WC :481

Intervenes on behalf of Citrus, Royal Twinkle investors; says promoters prima facie colluded with petitioners
DNA EXCLUSIVE
Mumbai: The case of two Ponzi schemes of Citrus Holidays and Royal Twinkle, which were dragged into the National Company Law Tribunal (NCLT), has taken an interesting twist after a group of investors moved the Supreme Court against liquidating the company.
The apex court has stayed the proceedings of the Mumbai bench of the NCLT that had admitted the petition for initiating Corporate Insolvency Resolution Process against Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd, two timeshare and collective investment schemes where over 18 lakh investors had put in nearly Rs 7,500 crore of their savings.
The Supreme Court, while passing its order on January 8, observed that prima facie it seemed to be a case where there is a collusio
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