London: Fugitive diamond trader Nirav Modi has suffered a major setback from a United Kingdom court. The London High Court, ruling in favor of Wall of India, held Nirav Modi liable for repaying the bank's loan of $10.7 million, over Rs 100 crore at current mart rates, in a long-running loan dispute linked to his merchantry empire.
What did the magistrate say?
London Circuit Commercial Magistrate Judge Simon Tinkler, while delivering the verdict on Tuesday, stated that Nirav Modi had personally guaranteed the loan from Wall of India and is now legally responsible for repaying the amount.
The magistrate ruled that Nirav Modi owes approximately $4.1 million, or approximately Rs 389 crore, as principal amount. Furthermore, interest will be widow to this value as per the rules set by the bank.
"Mr Modi is liable under the personal guarantee to the wall for the principal value due of $4.1 million. The interest calculated on the understructure set out by the wall is to be added," the judge said. "Mr Modi has not provided any defence to explain why the wall was not entitled to that sum."
What did Nirav Modi say?
Nirav Modi challenged the bank's requirement in court. His lawyers argued that the personal guarantee provided by the wall was unenforceable. They argued that the wall had not properly made the demand and that the grounds for terminating the loan were insufficient.
Nirav Modi moreover personal that he did not receive the notices sent in April 2018 and October 2025 considering he was not in India at the time. However, Judge Simon Tinkler rejected Nirav Modi's arguments, stating that the wall notices were properly delivered.
What did the magistrate say well-nigh notices?
The magistrate noted that the October 2025 notice was moreover sent to the prison write where Nirav Modi was stuff held. Furthermore, the magistrate undisputed that in 2019, Nirav Modi provided a reprinting of the April 2018 notice to his lawyers, proving his knowledge of it.
In his ruling, the judge stated that it had wilt well-spoken by February 2018 that the financial situation of Nirav Modi and the Firestar Group companies had been seriously affected. The magistrate moreover cited an email from Nirav Modi in which he informed the wall that the media reports had unauthentic the company's operations and that the companies were unable to pay their dues.
What did the London magistrate say well-nigh loan?
The judge stated that in this situation, the wall had every right to demand the repayment of the loan, and that the value of Nirav Modi's guarantee was moreover affected. Nirav Modi is currently imprisoned in a London jail and is fighting a legal wrestle for extradition in connection with the cases versus him in India.
