Fugitive Nirav Modi's House to be auctioned

Mumbai: The Debt Recovery Tribunal-I (DRT-I) has ordered the auction of a prime property belonging to absconder diamantaire Nirav Modi in one of the cases filed by Punjab National Bank (PNB) to recover a part of their whopping dues of more than Rs 2,133-crore. As per the Mumbai DRT-I's order, HCL House in Marol shall be put up for e-auction on September 23, with a reserve price of Rs 52 crore, against the massive amounts outstanding since nearly five years to the PNB and 15 more banks.

"Proclamation of sale under Rules 38, 52(2) of the second schedule to the Income Tax Act, 1961 read with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993," said the August 11 order by Recovery Officer Ajeet Tripathi.

The case pertains to PNB plus 15 public and private sector banks versus Nirav Modi's group company Firestar International Ltd. and other known or new entities from whom the dues are recoverable.

The latest auction comes in the recovery process initiated by various banks after the infamous PNB scam of over Rs 14,000 crore erupted in the Indian banking sector in February 2018 -- almost a month after Modi, his wife Ami and others fled the country (January 2018).