PNB has claim on Nirav Modi's US assets, rules court in New York

  PNB has claim on Nirav Modi's US assets, rules court in New York


Highlights

• A bankruptcy court in New York has ordered summons to be issued for examination of The Fugitive diamantaire and his four Associates.
• The US court  order also authorised that PNB be provided with documents by individual who are Modi's debaters in America.
• The order from the bankruptcy court is expected to force Nirav Modi to appear before it or face action under American law.

New Delhi: A bankruptcy court in New York has recognised the claim of Punjab National Bank on the proceeds of any assets of Nirav Modi that are sold there and orders summans to be issued for examination of The Fugitive diamantaire and his four Associates.

The two rulings in the Modi case came late on Thursday night. The government is seeing this as a positive development and it comes just a day after a UK Court tightened the noose around another Fugitive Vijay Mallya also want to defrauding banks.

"We have managed to establish the ownership patterns and we are ready with our future course of action" said a source.

The order from the bankruptcy court is expected to force The disgraced Diamond trader to appear before it or face action under American law in case of his appearance lawyer are expected to confront him with questions related all alleged diversion and siphoning of fund, how the fraud was perpetuated and failure to adhere to Corporate law and governance standard.

Apart from Nirav Modi summons have been issued to his associate Mahesh Bansal, Rakhi Bansal, Ajay Gandhi and Kunal Patel on February 26,  Ministry of Corporate Affairs had filled a petition in the US Court against the bankruptcy proceedings initiated by Modi and sought to make PNB of party in sale proceeds.