Nirav Modi appears in person to fight Rs 100 crore Bank of India case in London

TOI analogous from London: Fugitive jeweller Nirav Modi appeared successful idiosyncratic astatine the London circuit commercialized tribunal connected Monday to combat different ineligible conflict — a assertion against him of implicit Rs 100 crore by Bank of India.He was a litigant successful idiosyncratic until past week, but astatine the eleventh hr hired a barrister, Vivek Kapoor of 39 Essex Chambers. Nirav arrived 90 minutes precocious successful a situation van dressed successful a achromatic suit and achromatic open-neck garment and sat successful a Victorian-era dock surrounded by metallic bars.The lawsuit centres astir a indebtedness Bank of India gave Nirav’s institution Firestar Diamond FZE successful Dubai connected July 2, 2012. Originally it was for $5 cardinal (about Rs 46 crore), accrued to $15 cardinal (close to Rs 140 crore) successful 2013, and reduced to $12 cardinal (approximately Rs 112 crore) successful 2017.

Nirav provided a idiosyncratic warrant connected the indebtedness dated Aug 3, 2013. As the indebtedness was not repaid connected request erstwhile terminated successful aboriginal 2018, astatine the clip allegations of Nirav’s fraud connected Punjab National Bank surfaced, connected May 9, 2018 the slope filed a assertion successful the HC against Firestar, and connected Oct 22, 2018 Nirav was added arsenic a enactment to the claim.On March 8, 2024, the slope was granted summary judgement against Firestar of $8.4 cardinal (about Rs 78 crore).

This has not been paid and the 2 firm guarantors are successful liquidation.On Oct 2, 2025, the slope issued a missive of request to Nirav successful narration to the debt. The slope claims it besides sent a request connected April 6, 2018, but Kapoor disputed his, claiming this request was ne'er served connected Nirav, saying the Oct request was “time-barred” nether law. He besides argued the warrant was defective and nary “default event” had occurred erstwhile the termination of the indebtedness took place.The slope says Nirav present owes it successful excess of $10.7 cardinal (over Rs 100 crore), including interest.Kapoor is calling for the lawsuit to beryllium dismissed. He said the bank’s assertion is “riddled with deficiencies and flaws” and the slope was utilizing the “media allegations of fraud allegations” arsenic an “excuse to gloss implicit the flaws successful the bank’s case.”Tom Beasley, representing the bank, argued that it had the close to terminate the indebtedness arsenic determination were allegations from Jan 2018 that Nirav owed PNB implicit $2 billion, perchance having an adverse impact connected his quality to repay their loan.