Jewellery retailer Gitanjali Gems has lead to the liquidation after most of its lenders decided not to extend a 180-day deadline to complete its corporate insolvency resolution process.

Mehul Choksi, an absconded businessman has promoted his firm.

As per the report, the committee of creditors of Gitanjali Gems rejected the proposal to extend the resolution process with 54.14 per cent voting at a meeting held on March 28,2019.

The extension not being approved by takes the firm to the next logical step to go for liquidation of the company.

The report says that in the month of October 2018, Mumbai bench of National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by ICICI Bank.