A Bankruptcy Court in New York has accepted the Punjab National Bank claim on any sale of Nirav Modi’s property in the US. Apart from this, the US court has issued summons to the fugitive diamond businessman and his four assistants. Two decisions were made on the late night on Thursday night for fugitive Nirav Modi. Government of India is looking at these orders in a positive way. This order has come only after the order of the British court, in which another fugitive Vijay Mallya has been told to tighten the screws.
Former liquor businessman Vijay Mallya had taken a loan of Rs 9,000 crore from the country’s banks including State Bank of India. At the moment, without paying the loan, the agencies are living in the UK and they are living in the UK. A source associated with PNB said, “We have been successful in establishing the Ownership pattern and we are fully prepared for future action.”
After order of Bankruptcy Court, fugitive diamond trader Nirav Modi will have to appear before the court or face action under American law. If he appears before the court then the court may ask him questions about the diversion and manipulation of the fund. Nirav will also be asked how he carried out the fraud and did not consider corporate laws and governance standards.
Apart from Nirav Modi, the court has issued summons to its assistants, Mihir Bhansali, Rakhi Bhansali, Ajay Gandhi and Kunal Patel. The corporate affairs ministry had filed a petition in the US court on February 26 against the process of backpack initiated by Nirav Modi and asked PNB to form a party in the sale cell.