NiMo gets United States shield for now

Gitanjali Gems Stock Shed 35% Value Within 2 Days

Synergies are then wholly owned by Firestar Holdings Ltd, a Hong Kong corporation, which is then wholly owned by Modi's Indian company Firestar International Ltd, according to the filing made in the United States Bankruptcy Court Southern District of NY.

Firestar Diamond Inc filed the Chapter 11 voluntary petition in the New York Southern Bankruptcy Court on Monday.

According to the CBI, Gokulnath Shetty and another bank employee Manoj Kharat issued eight letters of understanding (LOU) worth over Rs. 280 crores to Nirav Modi's company just three months before Shetty retired in May 2017.

Entering an order for relief, the U.S. bankruptcy court in the Southern District of NY said that the filing of case imposed an automatic stay against most collection activities.

Meanwhile, the USA court granting relief to Mr. Modi from creditors warned in its order, "Creditors who violate the stay can be required to pay actual and punitive damages and attorney's fees". It added that while the stay is in effect, creditors can not sue, assert a deficiency, repossess property, or otherwise try to collect from the debtor. "Creditors can not demand repayment from the debtor by mail, phone, or otherwise".

"Creditors who violate the stay can be required to pay actual and punitive damages and attorney fees", the United States court warned in the order, copies of which have been transmitted to multiple stakeholders, including a few dozen creditors.

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Sharma's lawyer Apoorv Vijay Singh told the court his client "had no opportunity to know about the messages" sent on global payments platform SWIFT by other bank officials as he did not have access to SWIFT.

Firestar Diamond submitted a bunch of documents enlisting their creditors and other relevant details about them.

AJI now has jewellery merchandise on consignment with its customers having an aggregate consignment price value of approximately $7,300,000.

"Early expressions of interest in purchasing some or all of the debtors' business operations have been strong", Firestar Diamond said in a court filing on Wednesday.

Firestar Diamond and its affiliates had annual sales of around $90 million, with clients such as Costco Wholesale, Macy's and JC Penney Co Inc., it said.