The Debt Recovery Tribunal (DRT), Pune, passed its final order on Saturday asking fugitive diamond merchant Nirav Modi and his aides to repay ₹7,300 crore with interest to the defrauded Punjab National Bank (PNB).
The order was passed by presiding officer judge Deepak Thakkar in two cases registered by PNB in Mumbai.
Thakkar holds additional charge of DRT, Mumbai. One more case of alleged fraud of around ₹1,700 crore registered by PNB against Modi is pending before the DRT, Mumbai. PNB had approached the DRT against Modi to seek the recovery of ₹7,000 crore while a consortium of banks later filed an application seeking recovery of additional ₹300 crore from Modi and his aides.
The DRT order stated, “Defendant and his partners are ordered and directed to pay to applicant (PNB) either jointly or severally the aggregate sum of ₹7029,06,87,950.65 with interest of 14.30 per cent per annum from June 30, 2018.”
Passing another order, the judge directed Modi and others to pay ₹232,15,92,636 to the PNB with interest 16.20 per cent from July 27, 2018.
{{/usCountry}}Passing another order, the judge directed Modi and others to pay ₹232,15,92,636 to the PNB with interest 16.20 per cent from July 27, 2018.
{{/usCountry}}The judge further ordered and directed them to disclose on oath the properties and assets both movable and immovable belonging to them and their subsidiaries, affiliates, related parties, directors, partners, officials and group companies situated worldwide within one month from the date of the order.
The judge also granted liberty to the Bank to apply for appointment of the receiver to implement the judgement in execution before the recovery officer as per the clause of 6(C)(ii) of the original application, issue recovery certificate.
He directed the registrar to send a copy of the judgement and the recovery certificate to the applicant and defendants by emails also.
The bank was granted liberty to publish the names of defendants as per rule 15 (A) of the Debt Recovery Tribubal (Procedure) Rules 1993. The fugitive diamond merchant who was on the run was arrested on March 19 by Scotland Yard in London in connection with the multi-crore PNB loan default scam.
His extradition process is currently in progress. Modi (48) and his group companies were accused by the PNB of defrauding it of huge amounts and fleeing the country in early 2018. An official from the tribunal said the recovery officials with the DRT will initiate further action.