SPELLING relief for Punjab National Bank (PNB), the Debt Recovery Tribunal (DRT) in Pune has ordered absconding diamantaire Nirav Modi and his group companies to pay Rs 7,200 crore to 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 crore from Nirav 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 Nirav Modi’s properties, if needed, though most of his assets have already been 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 significant order. “The defendant and his partners are ordered and directed to pay to applicant, either jointly or severally, the aggregate sum of Rs 7029,06,87,950 with interest of 14.30 per cent per annum from June 30, 2018,” read the DRT order.