Mumbai: Price of fugitive Nirav Modi's HCL house slashed, Debt Recovery Tribunal orders re-auction

Mumbai: Finding no takers for fugitive diamantaire Nirav D Modi's one property, its price has been slashed and the Debt Recovery Tribunal (DRT) has ordered its re-auction, along with certain other prime assets, in one of the cases pertaining to the Punjab National Bank (PNB) scam.

The property had been put up for e-auction last week

Last week, the DRT-I Recovery Officer Ajeet Tripathi put up the HCL House in Marol and three other lots of properties for e-auction to recover a portion of the outstanding of a staggering Rs22,13,16,39,411.

When it went on the block in September 2022, the unsold HCL House, comprising the entire building with the land, carried a reserve price tag of Rs52 crore, which has now been slashed to Rs40 crore, as per the DRT-I announcement.

Besides, the DRT-I has put on the auction block other assets of Modi, including offices No. 2001-2002 on the 20th floor of the posh Peninsula Park B in Lower Parel with a reserve price of Rs66 crore, plus over Rs1.72 crore outstanding maintenance dues till December 2021.

Another property in Nariman point to be auctioned

Another property of Modi, on the 6th floor of the Mafatlal Centre in Nariman Point along with four parking slots will also go under the e-hammer with a reserve price of Rs62 crore, besides unpaid maintenance charges for five years coming to over Rs1.17 crore till May 2022.

Modi's huge residential 4-BHK flat in Grosvenor House at Peddar Road is going up for auction sale with a reserve price of Rs15.87 crore, further details of which are not available. Modi also has another address in the prestigious Al Shera Towers, Dubai.