Bombay HC agrees to hear ED, PNB’s battle over Nirav Modi’s confiscated properties

The ED has actually challenged the order of an unique court allowing PNB to seize 9 residential or commercial properties worth Rs 424 crore in a loan case including fugitive entrepreneur Nirav Modi. Mumbai, UPDATED: Mar 24, 2023 06:37 IST Bombay High Court (Representative Image) By Vidya: The Bombay High Court has actually provided a notification submitted by the Enforcement Directorate (ED) hoping that some homes of fugitive diamond merchant Nirav Modi that were turned over to Punjab National Bank (PNB) need to be gone back to ED’s custody. The residential or commercial properties were offered to PNB on the basis of an order by a lower court. The ED has actually challenged the order of an unique court allowing PNB to take 9 homes worth Rs 424 crore in a loan case including fugitive entrepreneur Nirav Modi. The unique court previously allowed the ED to take 12 homes worth over Rs 500 crores on October 19, 2022. Apart from the homes that had actually been hypothecated, some homes that had actually been taken by the ED were freeholds which the PNB had actually been declaring. READ Nirav Modi loses appeal versus extradition to India. What’s next for him? The unique court, in its order, enabled the accessory of Nirav Modi’s 9 homes of the 12 to PNB. On November 17, the order was customized and PNB was entitled to a couple of more possessions together with the 9 protected possessions. This was challenged by the ED in the Bombay High Court. Supporter Ayush Kedia standing for the ED argued that while the protected lender was entitled to protected possessions, it was not entitled to the unsecured possession. Kedia competed that the State had the very first right over the unsecured or freehold possessions. Supporter Lalan Gupta standing for PNB, on the other hand, competed that the bank had actually lent a big total up to Modi and his business. Competing that it was public cash, he included that since of non-payment of the loan, the bank’s monetary condition had actually been negatively impacted. Gupta worried that PNB was likewise challenging the order though it was unclear whether the premises were tenable. A department bench of Justices SB Shukre and Kamal Khata deduced the plea must be lastly heard on the benefits of the case. The bench chose to release a notification to all participants to the ED’s petition, consisting of Nirav Modi, and the petition was adjourned for a hearing 3 weeks later on. READ Rahul Gandhi sentenced to 2 years in prison in Modi surname character assassination case Published On: Mar 24, 2023