The London High Court ordered recovery from Nirav Modi's company during its Friday ruling on the matter......
Digital desk: The London High Court ordered the Bank of India (BOI) on Friday to restore an amount of 8 million, or Rs.66 crore. This decision dealt a serious blow to Nirav Modi, the fugitive diamond merchant. On this subject, the court has rendered a summary judgment. Even in situations where one of the parties is not in court, the court renders a decision on the matter without holding a full trial and issues a summary judgment.
The London High Court received an action from the Bank of India seeking the recovery of 8 million (Rs.66crore) from Firestar Diamond FZE, Nirav Modi's firm domiciled in Dubai. The London High Court ordered recovery from Nirav Modi's company during its Friday ruling on the matter. The court's ruling stated that Nirav Modi's property could be auctioned off to recover the money, no matter where it is located in the globe. Nirav Modi is being held at the UK's Thameside Jail at the moment.
Bank of India provided a loan to Nirav Modi's diamond company Firestar Diamond FZE, which is situated in Dubai. In 2018, the bank requested the money, but he did not pay back the whole amount and then ran away to London. The bank had petitioned the London High Court to get its money back from Nirav Modi, and on Friday, the court made a decision.
In this ruling, the court has mandated that Nirav repay the 4 million loan plus 4 million in interest. Since Firestar Diamond FZE is a Dubai-registered business, it will be simple to execute the UK summary judgment here. The CEO of Firestar Diamond FZE and one of the primary guarantors was Nirav Modi.
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