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DRT orders Nirav Modi to pay Rs 7,200 cr to PNB, others

DRT orders Nirav Modi to pay Rs 7,200 cr to PNB, others

Pune/Mumbai: Giving relief to the Punjab National Bank, the Debt Recovery Tribunal (DRT), Pune has ordered absconding diamantaire and his group companies to pay Rs 7,200 crore to the PNB and others with interest, official sources said here on Saturday.

The DRT’s final order came on a plea filed by the PNB in July 2018 seeking recovery of its dues of Rs 7,000 crores from Modi.

A consortium of banks, which had also lent Rs 200 crore to the diamantaire, subsequently filed a separate application.

After the DRT’s order, the PNB’s recovery officer can initiate proceedings to attach Modi’s properties, if needed, though most of his assets are already attached by the Enforcement Directorate (ED).

The hearing took place in Pune where the DRT Tribunal presiding officer Deepak Thakker, who holds additional charge of Mumbai, passed the order.

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