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International News

Mar 02, 2018

US court grants interim stay on debt collection from Firestar

A US court has passed an interim order that prevents creditors from collecting debt from Nirav MoAdi-owned Firestar Diamond Inc. after it filed for bankruptcy. 

Nirav Modi, who is being investigated by multiple probe agencies for allegedly cheated the Punjab National Bank to the tune of around 12,000 crore rupees, has a majority stake in Firestar Diamond and its other sister companies. 

Entering an order for relief, the US bankruptcy court in the Southern District of New York said, the filing of case imposed an automatic stay against most collection activities. 

The court said, creditors who violate the stay will have to pay actual and punitive damages and attorneys fees.

Meanwhile, reacting to media reports that Nirav Modi is in the US, the State Department said, it cannot confirm the news. 

Asked if it is providing any assistance to the Indian government in tracing the diamond jeweller, the department's spokesperson said, they would refer the matter to the Department of Justice.

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