The central government said that PNB has informed the Ministry of
Corporate Affairs that it has received 3.25 mn as the first tranche of
recoveries in fugitive Nirav Modi case from the USA.
The central
government on Tuesday said that Punjab National Bank (PNB) has informed the
Ministry of Corporate Affairs (MCA) that it has received USD 3.25 million (the
equivalent of Rs. 24.33 crores) as the first tranche of recoveries in fugitive Nirav
Modi case from the USA.
"Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a
sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for
distribution to unsecured creditors including PNB. Further recovery therefrom
is subject to other expenses and settlement of claims of other claimants,"
MCA said in a release.
The Ministry also
has initiated proceedings for disgorgement of monies from the perpetrators-- the
entities promoted and/or controlled by Nirav Modi/Mehul Choksi.
"Punjab
National Bank Limited in 2018 informed the MCA that three companies
promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all
Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of
New York, United States of America," MCA said.
PNB requested the
MCA to support and join the bankruptcy proceedings in New York, USA in order to
help PNB realize its claims in the debtors' assets.
The US Bankruptcy
Court of Southern District of New York, by its order dated July 26, 2018
recognized the claims of PNB in the proceeds of sale of assets of the
properties of the debtor companies. It also authorized PNB to issue subpoenas
to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali
under oath.
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