Nirav Modi scam: PNB gets Rs 24 crore as first tranche of recovery from US
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New Delhi, Aug. 25 -- Punjab National Bank (PNB) on Tuesday informed the government that it has received the first tranche of Rs 24.33 crore in recoveries in the fraud involving Nirav Modi.
"Punjab National Bank has informed the ministry of corporate affairs (MCA), which spearheaded the corporate governance litigation in a foreign jurisdictional court, that it has received $3.25 million (equivalent of Rs 24.33 crore) as the first tranche of recoveries. Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a sum of $11.04 million (equivalent of Rs 82.66 crore) is available for distribution to unsecured creditors, including PNB," MCA said.
The lender expects another Rs 50 crore, a senior official said, requesting anonymity...
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