DRT serves notice to Nirav Modi, family to recover Rs 7,000 crore

The Debt Recovery Tribunal (DRT) on Monday served notice to fugitive jeweller Nirav Modi, his family members and his companies to recover over Rs 7,000 crore owed to the Punjab National Bank (PNB).

The notice by the DRT-1 Registrar, A. Murali, came six months after the beleaguered PNB in July had moved the tribunal to recover around Rs 7,029 crore.

As per the notice, the accused-defendents Nirav Modi and others have been barred from disposing off, transferring, or entering into any transactions pertaining to the secured properties.

The time they have been allowed is till January 15, 2019, to reply to the DRT notice, failing which the PNB plea would be decided on the bank’s favour.