Debt Recovery Tribunal notices to Nirav Modi, family to recover Rs 7,000 cr

Mumbai:The Debt Recovery Tribunal (DRT) on Monday served notice to absconding diamantaire Nirav Modi, his family members and his companies to recover over Rs 7,000 crore in dues.

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

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 notice said.

They have been allowed time till January 15, 2019, to reply to the DRT notice, failing which the PNB plea would be decided ex-parte.