In a significant legal victory for the Bank of India, the High Court in London has issued a summary judgment against the jailed diamantaire Nirav Modi, directing him to pay $8 million to the bank.A summary judgment is granted when one party fails to present a compelling case or does not appear in court. In this instance, the Bank of India had filed an application in the UK High Court to recover $8 million from Modis Dubai-based company, Firestar Diamond FZE.Fridays judgment paves the way for the bank to initiate the recovery process from the Dubai entity and potentially auction Modis properties and assets worldwide. Nirav Modi is currently incarcerated in Thameside prison in the United Kingdom.During the proceedings, Tom Beasley, the barrister representing the Bank of India and instructed by solicitor Milan Kapadia of Royds Withy King, successfully argued that Nirav Modi had no prospect of success and that there was no need for the case to go to trial. The outstanding amount stemmed from a credit facility extended by the bank to Modis company.The judgment of US$ 8 million includes $4 million in principal and another $4 million in interest, Kapadia explained, shedding light on the breakdown of the amount owed.The Bank of India had initially extended a credit facility worth $9 million to Nirav Modis Firestar. However, when the bank demanded repayment in 2018, Modi was unable to honor the commitment. As Firestar Diamond FZE is based in Dubai, a summary judgment from the UK court is expected to facilitate enforcement in the region.The court was informed that Nirav Modi has filed a defence to the claim and his solicitors were served with a copy of the present application but have not responded to the same. Judge Jonathan Klein ultimately concluded that despite Modis incarceration, he was given the opportunity to contest the claim brought by the Bank of India.We are content with the judgment and look forward to the next steps, said BOI solicitor Milan Kapadia, expressing satisfaction with the outcome.Modi, who lost his extradition case, has yet to settle his legal bills, which amount to over £150,000. He has been appearing in Barkingside Magistrates court in London for non-payment of these costs. Modi has claimed that he does not have access to any funds as the Indian government has frozen all his assets and that he would make monthly payments towards the unpaid legal costs by borrowing money from friends and relatives.
