DRT asks Nirav Modi to pay Rs 7,200 cr to PNB

In a fresh trouble to Nirav Modi, the Debt Recovery Tribunal (DRT) has asked the diamond merchant to pay around Rs 7,200 crore with interest to the Punjab National Bank (PNB).

Modi (48) is currently in a London prison facing extradition proceedings from India. In July last, the PNB had sought recovery of Rs 7,000 crore followed by another consortium of banks which had claimed dues of Rs 200 crore.

DRT Pune's presiding officer Deepak Thakkar, who holds additional charge of DRT Mumbai, passed two orders in two cases in favour of the PNB.

"Defendant and his partners are ordered and directed to pay to the applicant (PNB) either jointly or severally the aggregate sum of Rs 7029,06,87,950.65 with interest of 14.30% per annum from June 30, 2018," stated the DRT order.

In another order, the DRT presiding officer directed Modi and others to pay Rs 232,15,92,636 to PNB with interest 16.20% from July 27, 2018.

In both cases, the recovery officers will proceed with further action, the order noted.

The PNB through its advocate Nitesh Jain, partner of Shardul Amarchans Mangaldas has produced a list of assets of the diamond merchants and his firms to the DRT.