Punjab National Bank gets first tranche of recoveries in Nirav Modi case

10:30:00 AM, Wednesday 26th of August 2020 | in business

Punjab National Bank has got $3.25 million (Rs. 24.33 crores) as the first tranche of recoveries in the fugitive Nirav Modi case from the USA. The bank informed the Ministry of Corporate Affairs about the recovery. "Upon liquidation of the debtors'' assets by the US Chapter 11 Trustee, a sum of $ 11.04 million ( Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB," the ministry said.