The assets, according to a TOI report, were attached by the Enforcement Directorate (ED) during its investigations in the Rs 13,000 crore PNB fraud case.
PNB last month had sought the properties to be released to the liquidator of Modi-owned Firestar Diamond International Pvt Ltd (FDIPL), the resolution professional of Firestar International Ltd and recovery officer.
“The property mentioned in Schedule-A … shall be released in favour of the claimant PNB through the liquidator appointed with respect to the FDIPL in terms of the order of the NCLT (National Company Law Tribunal) dated February 26, 2020 … after obtaining an undertaking to be filed … to return or restore it as per the direction of this court as and when directed to do so, or the value thereof, as the case may be,” the special Prevention of Money Laundering Act (PMLA) court said.
Modi is currently held in a UK prison. Proceedings on his extradition are underway.
The court also said that while releasing the property, an appropriate inventory, memo and list should be drawn before the handing over to the authority concerned. “After release of the property from attachment by the prosecution ED, it shall be dealt with strictly in the manner provided by law … ,” the court said.
The PNB had also argued that it had obtained a decree for recovery from the Debts Recovery Tribunal (DRT) of over Rs 7,000 crore in respect of the default committed by Modi’s companies and firms.
