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PNB SCAM: US bankruptcy court accepts PNB as creditor in Nirav Modi case
The court also ordered to issue summons to Nirav and his two business partners based in the US
Updated : Jul 28, 2018, 05:05 AM IST
 "Nirav Modi")
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In a big relief to the Punjab National Bank, the United States Bankruptcy Court has accepted the Rs 14,500 cr scam-hit bank's claims on proceeds of asset sales of diamond jewellery designer Nirav Modi's US-based companies that are facing bankruptcy proceedings.
In an order passed on Friday, the United States Bankruptcy Court Southern District of New York recognised the claim of the PNB in the proceeds of the sale of assets of the Nirav Modi sold in the US.
"For any sale of property of the estates that are free and clear of liens, claims,...other interests, including interested claimed by PNB, if any, any such interests shall attach only to the proceeds of the sale..," the court order said.
The court also ordered to issue summons to Nirav and his two business partners based in the US. The 'breakthrough' in the case comes after the Ministry of Corporate Affairs (MCA) intervened in the case filed by his business associate Mihir Bhansali as an insolvency debtor.
"The ministry has told the court that the investigation shows there is a diversion and siphoning off funds from Nirav Modi-controlled Indian companies to the entities aboard. We have also said that PNB as a creditor has a legitimate claim, the fact suppressed by Nirav Modi and his business partners", government sources told DNA Money. MCA had ordered an investigation to ascertain the diversion of funds from Nirav Modi's firms to the entities aboard.
Nirav Modi-owned three companies Firestar Diamond Inc, A Jafee Inc and Fantasy Inc are up for sale on the orders of the New York Bankruptcy Court. Nirav Modi had earlier filed for bankruptcy proceedings under US laws for Firestar Diamonds and affiliate companies. The insolvency value of the three firms has been kept at $33 million, sources said.
Last month, the court had appointed a trustee to approve the sale of the debtor's assets under section 364 of the Bankruptcy Code.
The Bankruptcy Court New York also ordered the issue of summons to Nirav Modi and his business partners in US, Mihir and Rahki Bhansali, to appear before the court. The order also authorised gathering of documents from Nirav Modi and his associates.
