A London High Court judge on Tuesday ruled in favour of Bank of India in a civil recovery case against fugitive diamantaire Nirav Modi, holding him liable to pay the public sector lender over $10.7 million, or a little over Rs 100 crore, according to Naomi Canton’s TOI report.
Judge Simon Tinkler, delivering judgment in the London Circuit Commercial Court, said Modi was liable under a personal guarantee he had signed for a loan extended to one of his companies. "Mr Modi is liable under the personal guarantee to the bank for the principal amount due of $4.1 million. The interest calculated on the basis set out by the bank is to be added. Mr Modi has not provided any defence to explain why the bank was not entitled to that sum," Tinkler said.
