However, the High Court ultimately sided with Bank of India, concluding that the lender’s claim was valid and enforceable.
Nirav Modi suffers a major setback, London Court orders to pay over $10.7 million to BOI: Fugitive diamond merchant Nirav Modi has received a big blow from the London High Court. The court has ruled in favor of Bank of India in the loan dispute case. The court has ordered him to pay more than Rs 100 crore ($10.7 million) to the bank.
In a judgment delivered on Tuesday in the London court is being considered as a big success in terms of recovery efforts of Indian banks in foreign courts. This case is related to the loan given by Bank of India to Dubai-based Firestar Diamond FZE (Firestar Diamond FZE) in the year 2012. This company belongs to Nirav Modi. In August 2013, Nirav Modi gave a personal guarantee for this loan. The bank approached the court after the default of the company.
Modi had contested the claim in the UK courts. In a rare move, he even appeared personally before the London court earlier this year to fight the case. However, the High Court ultimately sided with Bank of India, concluding that the lender’s claim was valid and enforceable.
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