The Debt Recovery Tribunal-I has initiated an auction of a solar power plant owned by a group entity connected to fugitive diamantaire Nirav D. Modi to recover a portion of the dues amounting to over Rs 2,348 crore. This 5.247MW solar power plant, located in Maharashtra’s Ahmednagar district, is valued at Rs 12.40 crore.
Additionally, Nirav Modi’s posh flat in Mumbai’s Pedder Road area, worth Rs 11.70 crore, is also set to be auctioned. Furthermore, two land parcels owned by Nirav Modi and his group company, Firestone Trading Pvt. Ltd, will be auctioned. These properties, located in Ahmednagar district, are currently mortgaged with Union Bank of India. The auction is scheduled for October 25 and will be held online on an ‘as is where is’ basis.